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Tag: KXIN stock price

  • Kaixin (KXIN) Recovers After-Hour Amid Strategic Shift Towards Cryptocurrency

    Kaixin (KXIN) Recovers After-Hour Amid Strategic Shift Towards Cryptocurrency

    During Thursday’s extended trading session, shares of Kaixin Holdings (NASDAQ: KXIN) recovered significantly, rising 12% to $2.80. This recovery helped to somewhat counteract a steep drop of more than 40% during regular trading hours. The volatility followed the company’s announcement of a significant strategic initiative centered around digital assets.

    Exploring Cryptocurrency Expansion

    Kaixin declared its intention to explore new prospects for expansion by venturing into the cryptocurrency mining sector. The business is in advanced talks to purchase a majority ownership share in a well-known Middle Eastern bitcoin mining company. Kaixin’s desire to exploit developing markets and diversify its holdings is reflected in this possible purchase.

    In order to satisfy the growing need for cryptocurrency mining solutions, the targeted mining firm offers full cloud hosting services in addition to specializing in affordable Bitcoin mining. Access to a reliable and long-term energy source supports its operations, guaranteeing resilience and cost-effectiveness and supporting Kaixin’s objectives for profitable and sustainable growth.

    Strengthening Core Business in Electric Vehicles

    Kaixin Holdings, being a prominent Chinese new energy vehicle manufacturer has a strong foundation in research, development, and production. The company’s facilities are equipped for stamping, welding, painting, and assembly operations, enabling the production of various electric passenger and logistics vehicle models. This expertise in innovative manufacturing complements its foray into the cryptocurrency space, positioning Kaixin as a diversified player in the global market.

    Share Consolidation for Strategic Positioning

    In another strategic move, Kaixin implemented a 1-for-60 share consolidation, effective October 25, 2024. This adjustment consolidated every 60 ordinary shares into one, while warrants and other equity rights were proportionately adjusted. Following the consolidation, its shares started trading under the same Nasdaq ticker symbol, “KXIN,” but with a new CUSIP number, G5223X159.

    The goal of the consolidation is to improve KXIN’s market posture and attract a wider range of investors by lowering the number of outstanding shares. This step reflects Kaixin’s focus on aligning its operational strategy with shareholder interests while pursuing growth in emerging sectors.

  • Kaixin (KXIN) Stock Is Rising Premarket – On What Basis?

    At last check, Kaixin Auto Holdings (KXIN) was trading at $2.30, up 7.48% in the premarket session. Kaixin stock closed Monday at $2.14, down -1.38% from the day before. KXIN stock traded for 0.47 million shares, which is lower than the 1.31 million shares traded in the last three months on average.

    KXIN stock fluctuated between $2.07 and $2.1935 during the trading session. KXIN stock has been rising since KXIN announced that it will partner with a leading RV retailer.

    Who is KXIN collaborating with?

    China’s Kaixin Group is one of the most important dealership networks for new and used cars. KXIN, a leading company in China’s used vehicle market, has transformed from a tech-enabled financing platform into a nationwide dealer network that includes both its own and affiliated dealers, leveraging its hybrid business model.

    As announced today, Kaixin and a leading Chinese RV retailer are in talks about exploring the rapid growth of the RV market in China through collaboration and a joint venture.

    • As the leading RV retailer in China, it operates its own RV dealerships and hosts a website for RV owners as well as RV expositions.
    • The Chinese RV market is in the midst of a fast-growing phase, according to KXIN.
    • Over the past three years, the annual RV sales volume grew by 50%, with more than 69,000 RVs sold in 2020.
    • In addition to working together to sell and rent RVs, KXIN and a large RV retailer plan to develop and produce electric RVs.

    Kaixin also just made changes in its board of directors.

    • KXIN made those changes after Joseph Chen resigned from the company’s board of directors with effect from May 9, 2021.
    • As part of his commitment to other business interests, Mr. Chen resigned.
    • KXIN Board appointed Mingjun Lin, Xiaolei Gu, and Deqiang Chen as directors of the Company, effective May 9, 2021.
    • KXIN has appointed Mr. Mingjun Lin as chairman of the Board.
    • As chairman of the Board and a director since Kaixin’s founding, Mr. Joseph Chen is a well-respected member of the company.

    KXIN’s recent acquisition move:

    Recently, KXIN was also granted approval by the NASDAQ Stock Market to acquire 100% of Haitaoche Limited. This approval was granted pursuant to KXIN’s agreement dated December 31, 2020. Kaixin (KXIN) anticipated the Acquisition would close in May 2021 at the latest, provided certain other closing conditions were met, including shareholder approval of the articles of association amendment.

  • Kaixin Auto Holdings (KXIN) stock surged in the after hours trading session; here’s why

    Kaixin Auto Holdings (KXIN) stock surged in the after hours trading session; here’s why

    In the after-hours trading session, Kaixin Auto Holdings (KXIN) stock had surged by 6.75% to $2.53, at the last check. KXIN stock previously closed the session at $2.37. The KXIN stock volume traded 1.42 million shares today. In the past year-up-to-date, the KXIN stock had surged by 175.65% and in the past week, the shares moved up by 9.72%. In the past three and six months, the KXIN stock had shed -43.97% and -21.26%. Furthermore, Kaixin Auto Holdings is currently valued in the market at $151.70 million and has 41.72 million outstanding shares.

    What you need to know about Kaixin Auto Holdings

    Kaixin Auto Holdings is an auto & truck dealer-ship company that specifically focuses on one of the primary dealership networks with a niche of specialization in the premium used car segment. The auto company markets and runs its operations in China.

    The company has established a strong business model that incorporates a wide network of physical retail shops as well as pandemic-led-boost of digital online business.

    The organization Kaixin has changed from a tech-empowered financing stage into a cross-country seller network that joins its own and associated vendors just as worth added administrations.

    Kaixin has changed the member of its Board of Directors and its chairman

    Mr. Joseph Chen has resigned from Kaixin’s board of directors with effect from May 9, 2021. The Kaixin Auto Holdings made the announcement public on 13th May 2021; Mr. Joseph Chen has served as a director and the chairman of the Board since Kaixin’s establishment. The reasoning behind the resignation is in order to pursue focus on other business obligations. In his stead, Mr. Mingjun Lin has been appointed as the chairman of the board as well as director. Two more members became directors of the Board namely Mr. XiaoleiGu and Mr. Deqiang Chen with effect from 9th May 2021.

    Shareholders approve the resolutions passed in the special meeting

    There was a special shareholders’ meeting held on 7th of May. The purpose of the SS meeting was to hear across the shareholders and members what the different agenda items were and to approve them or not. The following were the agenda presented in front of the shareholders upon which they required resolution;

    • Each authorized issued and unissued Ordinary share of a par value of $0.0001 is proposed to be split into 2 shares with half the par value of the original previous mentioned value. This will allow the authorized share capital of the company to be equal to $50,000 with 1,000,000,000 ordinary shares.
    • as a unique resolution that the as of now compelling Second Amended and Restated Memorandum and Articles of Association of the Company be revised and rehashed by the complete cancellation and the replacement in their place of the Third Amended and Restated Memorandum and Articles of Association.

    These agendas had reached a resolution and approval from the shareholders present in the meeting and it was announced the same day as the meeting.

  • Why is Kaixin Auto Holdings (KXIN) stock Gaining today?

    Why is Kaixin Auto Holdings (KXIN) stock Gaining today?

    Kaixin Auto Holdings (KXIN) announced the cooperation agreement between Haitaoche Limited, an online retailer platform for imported vehicles,  and Jingdong Century Trade Limited, China’s largest retailer platform,  after which KXIN stock price pushed by 8.93% to reach $3.05 a share as of this writing. It seems that today’s announcement has made the stock green as it went down by 3.78% at the previous closing. Let’s try to figure out more from current happenings.

    Cooperation agreement between Haitaoche and Jingdong:

    According to the cooperation agreement, Haitaoche would get access to the eCommerce auto sales market which is growing at a rapid pace. Haitaoche will expand its business in terms of both revenue and growth via leveraging its resources and expertise in the sales of consumer vehicles as well as providing the whole range of value-added services. Both companies are optimistic to generate  RMB 2 billion revenue through Haitaoche’s consumer vehicle sale on the Jingdong platform. This means that the volume of the sales will increase at least 50 %annually during the next three years. Total sales are expected to be RMB 9.5 billion under this cooperation agreement.

    Back on December 31, 2020, Kaixin stock signed the definitive purchase agreement with Haitaoche Limited according to which KXIN stock will obtain 100% Haitaoche’s share capital from Haitaoche’s shareholders.

    Recent Event of Kaixin stock:

    Back in the previous week on April 06, 2021, KXIN stock announced the definitive securities purchase agreement with Renren Inc according to which, purchaser put the investment of $6.0 million in the newly designated convertible preferred shares of the company. The preferred shares would be converted to the ordinary shares at the conversion price of $3.00 per share subjective to the customary adjustments in connection with the Purchase agreement.

    Conclusion:

    KXIN stock happened to be green after facing the bearish sentiment at the previous trading session as investors are responding to the cooperation agreement news announced by the Kaixin stock. Investors having long-term prospects usually don’t consider much the lows and highs of the stock rather they eye on the company’s fundamentals, balance sheet, and future developments. Hence it is better to analyze the KXIN balance sheet as well as future growth prospects before adding this stock to the portfolio.