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TC

TuanChe

$4.12

-0.2 (-4.63%)

07:07
06/03/19
06/03
07:07
06/03/19
07:07

TuanChe to acquire Longye for U.S. equivalent of RMB200M

TuanChe announced that it entered into a share purchase agreement with, among other parties, Longye, a company incorporated in the Cayman Islands. Pursuant to the agreement, the company has agreed to acquire the entire equity interest in Longye for a U.S.-dollar equivalent of RMB200M in the form of cash and the company's securities in aggregate. According to the agreement and subject to customary closing conditions, the company agreed to extend a bridge loan of a U.S.-dollar equivalent of RMB100M upon the execution of the agreement and other related documents, credit this bridge loan to the cash portion of the purchase price and issue 8,366,444 Class A ordinary shares of the company to the selling shareholders of Longye. The consideration shares are calculated by dividing a US-dollar equivalent of RMB100M by the average closing price of the company's shares during the thirty-day period ended on May 10. The consideration shares will be subject to contractual restrictions on transfer. Additionally, 20%, 30%, and 50% of consideration shares will have contractual restrictions lifted on January 1, 2020; January 1, 2021 and January 1, 2022, respectively. The acquisition of Longye is subject to the relevant corporate approvals, customary closing conditions, and pre-acquisition corporate restructuring. There is no assurance that any such procedures or transactions will be completed in a timely manner, or at all. Longye has been a system developer that develops and implements social customer relationship management cloud systems for China's automotive industry since June 2013.

TC TuanChe
$4.12

-0.2 (-4.63%)

02/05/19
MAXM
02/05/19
INITIATION
MAXM
Buy
TuanChe initiated with a Buy at Maxim
02/05/19
MAXM
02/05/19
INITIATION
Target $13
MAXM
Buy
TuanChe initiated with a Buy at Maxim
Maxim analyst James Jang initiated TuanChe with a Buy rating and a price target of $13, saying the company offers a model of "significant sales growth" as an asset-light "omnichannel automotive marketplace" that is disrupting the Chinese market. The analyst cites the company's current expansion plans that align with "overall Chinese automotive trends" and expects its expansion into the underserved Tier 3 and below cities to generate more earnings growth.
05/21/19
MAXM
05/21/19
INITIATION
Target $13
MAXM
Buy
TuanChe assumed with a Buy at Maxim
Maxim analyst Allen Klee assumed TuanChe with a Buy rating and a price target of $13, saying the company's "differentiated approach" in car sales assistance can generate sustainable growth. The analyst cites potential TuanChe revenue catalysts that include increasing auto shows presence, expansion to China's lower-tier cities, growing its virtual dealerships, and forming a new partnership with EasyHome. Klee is also positive on the company's "asset-light financial model" that supports gross margins over 70%, its "cash rich" balance sheet, and its low capital expenditures. The analyst believes that TuanChe can grow its revenue by 30% annually over the next 3 years.

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