Kaixin: Haitaoche In Cooperation Deal With Jingdong Century Trade In China

(RTTNews) - Kaixin Auto Holdings (KXIN), which is in deal to acquire Haitaoche Limited, announced Monday that Haitaoche has signed into a cooperation agreement with Jingdong Century Trade Limited to tap into China's fast-growing e-commerce auto market.

Haitaoche is a China-based online retail platform for imported automobiles, while Jingdong is China's largest online retailer and its biggest overall retailer.

Kaixin on December 31 last year signed a definitive share purchase agreement with the shareholders of Haitaoche, pursuant to which Kaixin will acquire 100% of Haitaoche share capital from its shareholders.

As per the latest Cooperation deal terms, Haitaoche and Jingdong aim to achieve total sales of 2 billion Chinese yuan or around $308 million worth of Haitaoche consumer vehicles on the Jingdong platform. The volume of sales will then increase by at least 50 percent annually during a three-year period. The total sales of the Cooperation Agreement is 9.5 billion yuan or approximately $1.4 billion.