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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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
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.
