Shulou(Shulou.com)11/24 Report--

CTOnews.com November 4 news, happy car today officially announced that it has and MORNING STAR AUTO INC. Twenty-five percent of shareholders signed a merger agreement, and Kaixin Motor will issue an additional 100 million common shares to acquire MORNING STAR AUTO INC.100% shares.

MORNING STAR AUTO INC. Wuxi Maolin Sida Technology Co., Ltd. and Henan Yujie time Automobile Co., Ltd. are wholly owned by Wuxi Maolin Sida Technology Co., Ltd. Upon completion of the acquisition, Kaixin Automobile will own all the assets and business operations of punk Electric vehicle (POCCO EV), realizing the success of Happy Automobile's transformation into a new energy car-building model.

Lin Mingjun, chairman and CEO of Kaixin Motor, said: "China's electric vehicles are currently in a strong period of development, and Happy Motor must accelerate mergers and acquisitions and increase investment in order to quickly grab consumer market share."

CTOnews.com learned that in August 2021, Kaixin announced that in the context of the rapid growth of China's electric vehicle market, the company will set up a new energy vehicle department, headquartered in Suzhou City, Anhui Province, to set up a new energy vehicle R & D, production and marketing team.

Happy Automobile is Renren's high-end used car business, which has been listed on NASDAQ in the United States. its business covers used car trading, used car financial services and after-sales service system to create a high-end used car trading service platform.

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