Kaixin Auto Shares Climb As Haitaoche In Negotiations with Retail Platform

Kaixin Auto Holdings (NASDAQ: KXIN) shares are climbing premarket on Friday after the company said that Haitaoche Limited is in negotiations regarding a partnership with a leading online retail platform in China.

According to Kaixin, the deal is looking at ways the China-based online retail platform for imported care can tap into China’s fast-growing e-commerce auto market.

Kaixin, which is set to acquire 100% of the share capital of Haitaoche, said: “Through the cooperative partnership under negotiation, Haitaoche aims to gain access to China’s fast-growing e-commerce auto sales market and tap into diversified revenue source and growth opportunities by leveraging its rich resources and expertise in consumer vehicle sales and full range of value-added services.”

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The counterparty is allegedly one of China’s largest eCommerce platforms, serving hundreds of millions of active customers.

Kaixin’s shares are up 3.67% premarket, trading at $3.16.