Kaixin auto holdings signed binding term sheet to acquire ev manufacturer

Beijing, aug. 26, 2021 (globe newswire) -- kaixin auto holdings (“kaixin” or the “company”) (nasdaq: kxin) today announced that the company has reached a binding term sheet to acquire 100% equity of henan yujie times automobile co., ltd. (“yujie”) through new share issuance. yujie is a leading chinese electronic vehicles (“ev”) manufacturer specialized in small size multi-function evs. the contemplated deal would be the first major m&a transaction following the establishment of kaixin's new energy vehicle unit. it marks kaixin's official entry into china's small size ev market, which is forecasted to reach a 10 million vehicles scale over the next 5 years according to yujie.
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