Kaixin Auto Group, a Chinese-based used vehicle platform, recently helped open the Nasdaq as the company is now listed in the United States stock exchange.
The company started trading on May 2 under the ticker symbol of ‘KXIN’ after its business combination with CM Seven Star Acquisition Corporation, a Chinese blank check company formed for the purpose of entering into business ties with one or more businesses.
Kaixin opened at USD3.25 per share on Monday to climb as high as USD3.29 a piece before decreasing 3.04 percent to USD3.19 at close.
Founded in 2015, as a leading premium used car dealership in China, the Beijing-based company pocketed a total revenue of USD117 million in 2017 and USD431 million in 2018.
Kaixin Chairman Joseph Chen told Xinhua recently that the company built its competitiveness in a unique business model including on-line and brick-and-mortar dealerships as well as a network of parties that provide a range of value-added and after-sale services.
Kaixin has 14 dealerships covering 14 cities in 12 provinces across China. Its dealership operators have an average of more than ten years of experience in the used car industry, according to the company.
It also provides financing channels to customers and other in-network dealers through its partnerships with several financial institutions in China.
Read more here