Jiuzi Holdings to Acquire Automobile Sales Serviceshop Operator from Geely Subsidiary.
MANews-(C)2009-2022
China-based new energy vehicles franchisor and retailer Jiuzi Holdings, Inc. (NASDAQ: JZXN) has entered, through its subsidiary Hangzhou Jiuyao New Energy Automobile Technology Co. Ltd, into an equity acquisition agreement to acquire 72.05% equity interest in an automobile sales service shop operator, Huizhou Jiwo Automobile sales service Co. Ltd, from Guangdong Huarui Automobile Sales Service Co., Ltd, a subsidiary of a China automaker Geely Auto Group, the company said.
Geometry is Geely Auto Group's independent pure electric vehicle sub-brand that focuses on the manufacture of sedans and SUVs.
Launched in 2019, Geometry unveiled its latest SUV model EX3 in September 2021.
This model is powered by liquid-cooled battery and can sustain a range of 322 km (200 miles).
Pursuant to the Agreement, Hangzhou Jiuyao will acquire 72.05% equity interest in the Target and will make an investment into the Target's registered capital upon completion of the transaction under the requirement of China's commercial policies.
The...
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