Core Viewpoint - Kaixin Holdings has signed a term sheet to acquire a 51% stake in Honglu Technology, aiming to enhance collaboration in the "AI + Animation" ecosystem and promote AI innovation in animation production [1] Company Overview - Kaixin Holdings is transitioning into an AI-driven technology business in China, focusing on expanding its AI capabilities and exploring new growth opportunities [6] - Honglu Technology specializes in animation technology innovation, including the shift from traditional animation to computer-generated graphics, and utilizes emerging technologies such as rendering and AI research [2] Strategic Advantages of Honglu Technology - **Technical Advantage**: Comprehensive coverage of the 3D animation production process, utilizing UE5 Unreal Engine and AI technology R&D capabilities [3] - **Team Advantage**: The core team has over 10 years of industry experience and has produced nearly 5,000 hours of S-rated anime series [3] - **Content Sources Advantage**: Strategic partnerships with Youku Entertainment and suppliers of high-quality S-rated anime series [4] - **IP Advantage**: Ownership of original and novel copyright IP, a large fan base, and the ability to generate diverse derivative products [4] - **Qualifications Advantage**: Registered 19 software patents, showcasing strong technical capabilities in animation and design [4] - **Network Advantage**: Deep partnerships with Xuanji Technology and major video platforms like Youku, Tencent, and iQiyi, creating a robust ecosystem [4] Recent Developments - The previously intended acquisition of Xingcan was terminated as it did not meet mutual expectations, allowing Kaixin to focus on optimizing AI application scenarios [5]

Group 1 - The top five gaining Chinese concept stocks at closing were: Kuke Music up 49.06%, Jufu up 43.47%, Kaixin Auto up 40%, American Green Planet up 24.75%, and X3 Holdings up 20% [1] - Kuke Music's latest price was 0.9987 with a gain of 0.3287 and a trading volume of 1.1532 million [1] - Jufu's latest price was 5.380 with a gain of 1.630 and a trading volume of 0.5114 million [1] - Kaixin Auto's latest price was 0.9100 with a gain of 0.2600 and a trading volume of 5.3765 million [1] - American Green Planet's latest price was 2.520 with a gain of 0.500 and a trading volume of 0.3936 million [1] - X3 Holdings' latest price was 1.800 with a gain of 0.300 and a trading volume of 0.2588 million [1]

Core Insights - Kaixin Holdings has established a Digital Asset Management Department to raise funds for acquiring cryptocurrencies like Bitcoin and Ethereum, aiming to implement a digital asset allocation strategy to generate value for the company [1] - The global economy's complexity and volatility have increased uncertainties in traditional investments, while the acceptance of cryptocurrencies among investment institutions is growing, indicating potential long-term returns despite market fluctuations [2] - The company is looking to introduce new strategic investors and acquire high-value projects in the Web3 industry to optimize its equity structure and enhance its innovative asset allocation approach [3] Company Overview - As of October 6, 2025, Kaixin Holdings has issued a total of 27,258,228 ordinary shares, which includes 22,158,228 Class A ordinary shares and 5,100,000 Class B ordinary shares [4] - Kaixin Holdings is transitioning into an AI-driven tech business in China, focusing on developing online live streaming education platforms through AI technologies, thereby expanding its growth opportunities [5]

Core Points - Kaixin Holdings announced that all resolutions presented at its annual general meeting on September 13, 2025, were passed [1] - The resolutions included authorization for the Board of Directors to set a ratio for Share Consolidation and amend the Articles within 360 days [3] - Kaixin is transitioning into an AI-driven tech business, focusing on online live streaming education platforms [4] Company Overview - Kaixin Holdings is committed to expanding its AI capabilities and entering the AI education business through proposed acquisitions [4] - The company aims to serve both domestic and international audiences with its AI technologies [4]

[Condensed Consolidated Balance Sheets](index=1&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, Kaixin Holdings reported a decrease in total assets and total liabilities compared to December 31, 2024, with significant declines in cash and total equity [Balance Sheet Overview](index=1&type=section&id=Balance%20Sheet%20Overview) As of June 30, 2025, Kaixin Holdings reported a decrease in total assets and total liabilities compared to December 31, 2024. Cash and cash equivalents significantly declined, while total equity also saw a reduction Condensed Consolidated Balance Sheet Highlights (in thousands of US dollars) | Item | June 30, 2025 (in thousands of US dollars) | December 31, 2024 (in thousands of US dollars) | Change (in thousands of US dollars) | Percentage Change | |:-----------------------------------|:------------------------------------------|:----------------------------------------------|:-----------------------------------|:------------------| | TOTAL EQUITY | $11,106 | $13,174 | $(2,068) | -15.7% | - The company's cash and cash equivalents decreased significantly by **76.9%** from **$2,388 thousand** at December 31, 2024, to **$552 thousand** at June 30, 2025[2](index=2&type=chunk) - Total assets and total liabilities both decreased by approximately **15.7%** over the six-month period[2](index=2&type=chunk)[3](index=3&type=chunk) [Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss](index=3&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20LOSS) For the six months ended June 30, 2025, Kaixin Holdings reported increased net revenue but widened net losses, primarily due to higher general and administrative expenses [Operational Performance](index=3&type=section&id=Operational%20Performance) For the six months ended June 30, 2025, Kaixin Holdings reported net revenue of $95 thousand, a significant increase from zero revenue in the prior year period. However, the company continued to incur substantial net losses, which widened to $8.412 million from $5.370 million year-over-year, primarily due to increased general and administrative expenses Condensed Consolidated Statements of Operations Highlights (in thousands of US dollars) | Item | Six Months Ended June 30, 2025 (US dollars) | Six Months Ended June 30, 2024 (US dollars) | Change (US dollars) | Percentage Change | |:-------------------------------------|:--------------------------------------------|:--------------------------------------------|:--------------------|:------------------| | Basic and diluted net loss per share | $(0.86) | $(6.02) | $5.16 | -85.7% | - Revenue for the six months ended June 30, 2025, was **$95 thousand**, generated from consulting services related to electric vehicle design and development, compared to no revenue in the same period of 2024[5](index=5&type=chunk)[35](index=35&type=chunk) - Net loss attributable to Kaixin's shareholders increased by **56.7%** to **$8.411 million** for the six months ended June 30, 2025, from **$5.370 million** in the prior year[5](index=5&type=chunk) - Basic and diluted net loss per share improved significantly to **$(0.86)** in 2025 from **$(6.02)** in 2024, despite a higher net loss, due to a substantial increase in weighted average shares outstanding (from **892,491** to **9,769,065**)[5](index=5&type=chunk)[94](index=94&type=chunk) [Unaudited Condensed Consolidated Statements of Changes in Equity](index=4&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20EQUITY) Kaixin Holdings' total equity decreased from December 31, 2024, to June 30, 2025, driven by net loss, partially offset by share awards and convertible note conversions [Equity Changes Overview](index=4&type=section&id=Equity%20Changes%20Overview) Kaixin Holdings' total equity decreased from $13.174 million as of December 31, 2024, to $11.106 million as of June 30, 2025. This decline was primarily driven by the net loss incurred during the period, partially offset by the vesting of restricted share awards and issuance of ordinary shares for convertible note conversions Key Equity Changes (in thousands of US dollars) | Item | Balance, December 31, 2024 (in thousands of US dollars) | Net Loss (in thousands of US dollars) | Share-based Compensation (in thousands of US dollars) | Convertible Note Conversions (in thousands of US dollars) | Other (in thousands of US dollars) | Balance, June 30, 2025 (in thousands of US dollars) | |:-----------------------------------|:--------------------------------------------------------|:--------------------------------------|:-----------------------------------------------------|:-----------------------------------------------------------|:-----------------------------------|:----------------------------------------------------| | Total Equity | $13,174 | $(8,412) | $5,700 | $638 | $7 | $11,106 | - The company issued **3,800,000 Class A Ordinary Shares** and **1,000,000 Class B Ordinary Shares** under the Kaixin 2024 Plan during the six months ended June 30, 2025, contributing **$5,700 thousand** to additional paid-in capital[6](index=6&type=chunk)[70](index=70&type=chunk)[97](index=97&type=chunk) - Ordinary shares issued for the conversion of convertible notes amounted to **$638 thousand** for the six months ended June 30, 2025[6](index=6&type=chunk)[59](index=59&type=chunk) [Unaudited Consolidated Statements of Cash Flows](index=5&type=section&id=UNAUDITED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Kaixin Holdings experienced continued net cash outflows from operating activities, with financing activities primarily using cash for related party repayments, leading to a significant decrease in cash and cash equivalents [Cash Flow Analysis](index=5&type=section&id=Cash%20Flow%20Analysis) Kaixin Holdings experienced continued net cash outflows from operating activities, with a slight increase in usage for the six months ended June 30, 2025, compared to the prior year. Investing activities provided minimal cash, while financing activities used cash primarily for repayment of borrowings from related parties, leading to a significant decrease in cash and cash equivalents at the end of the period Condensed Consolidated Statements of Cash Flows Highlights (in thousands of US dollars) | Item | June 30, 2025 (in thousands of US dollars) | June 30, 2024 (in thousands of US dollars) | Change (in thousands of US dollars) | |:-------------------------------------------|:-------------------------------------------|:-------------------------------------------|:-----------------------------------| | Cash and cash equivalents at end of period | $552 | $628 | $(76) | - Net cash used in operating activities increased slightly to **$1,478 thousand** for the six months ended June 30, 2025, from **$1,438 thousand** in the same period of 2024[7](index=7&type=chunk) - Financing activities shifted from no cash usage in 2024 to **$356 thousand** used in 2025, primarily due to the repayment of borrowings from related parties[7](index=7&type=chunk) - Cash and cash equivalents at the end of the period decreased to **$552 thousand** as of June 30, 2025, from **$628 thousand** as of June 30, 2024[7](index=7&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=6&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides detailed explanations and disclosures regarding the company's accounting policies, significant transactions, and financial statement line items [1. Organization and Principal Activities](index=6&type=section&id=1.%20ORGANIZATION%20AND%20PRINCIPAL%20ACTIVITIES) Kaixin Holdings, incorporated in the Cayman Islands, operates primarily in domestic automobile and used car sales in the PRC. The company underwent significant share capital structure changes in 2023 and 2024, including share consolidations and authorized capital increases. It also established new subsidiaries in 2024 and 2025 and disposed of several subsidiaries, though management believes these dispositions do not represent a strategic shift - Kaixin Holdings (KX) was incorporated in the Cayman Islands in 2016 and completed a reverse acquisition with Haitaoche Limited in June 2021, with Haitaoche deemed the accounting acquirer[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) - The Group effected a **one-for-fifteenth share consolidation** on September 14, 2023, and a **one-for-sixty share consolidation** on October 25, 2024, along with an increase in authorized share capital from **$500,000** to **$36,500,000**[11](index=11&type=chunk)[14](index=14&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - New subsidiaries, Zhejiang Kaixin Zhihui Auto Co. Ltd. (**100% owned**) and Zhejiang Kaixin Changxing Auto Sales Co. Ltd. (**51% owned**), were set up in January 2024 and February 2025, respectively[12](index=12&type=chunk)[13](index=13&type=chunk) - Several subsidiaries, including Kaixin Manman Commuting Technology Co. Ltd., Wuhan Jieying Chimei Automobile Sales Co., Ltd., Chongqing Jieying Shangyue Automobile Sales Co., Ltd., Anhui Kaixin New Energy Vehicle Co., Ltd., and Morning Star Auto Inc., were disposed of during 2024. Kaixin Daman and Kaixin Jingtao were also disposed of in 2024 and 2025, respectively, due to minimal operations[15](index=15&type=chunk) - The Group's primary business is sales of domestic automobiles and used cars in the People's Republic of China (PRC)[17](index=17&type=chunk) [2. Summary of Significant Accounting Policies](index=9&type=section&id=2.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) The financial statements are prepared in accordance with U.S. GAAP for interim reporting, with certain disclosures condensed or omitted. The company faces substantial doubt about its ability to continue as a going concern due to recurring net losses and operating cash outflows, though management believes it will continue for the next 12 months with potential financial support. Key accounting policies cover fair value measurement, warrant classification, revenue recognition (including new consulting services), and share-based compensation. Several new accounting pronouncements were issued, with the company evaluating their impact - The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial reporting and have not been reviewed by an independent certified public accountant[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) - The Company reported net losses of approximately **$8.4 million** and **$5.4 million**, and operating cash outflows of approximately **$1.5 million** and **$1.4 million** for the six months ended June 30, 2025 and 2024, respectively. Accumulated deficits reached **$386.0 million** as of June 30, 2025, raising substantial doubt about its going concern ability[21](index=21&type=chunk) - Management believes the Company will continue as a going concern for the next 12 months, supported by highly liquid cash of **$0.6 million** and agreements from two major shareholders to consider providing necessary financial support[22](index=22&type=chunk)[23](index=23&type=chunk) - Revenue from consulting services related to design and development of electric vehicles was recognized for the first time, amounting to **$95 thousand** for the six months ended June 30, 2025[35](index=35&type=chunk) - The FASB issued several new ASUs (**2025-05, 2025-01, 2024-03, 2023-09, 2023-06, 2023-01**) related to credit losses, income statement expense disaggregation, income tax disclosures, and leasehold improvements. The Company is evaluating their impact, but does not expect a material effect from those not yet effective[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [3. Disposal of Subsidiaries](index=14&type=section&id=3.%20DISPOSAL%20OF%20SUBSIDIARIES) Kaixin Holdings disposed of two subsidiaries, Kaixin Jingtao in February 2025 and Kaixin Manman in May 2024, both resulting in no loss on disposal. These disposals involved transferring equity interests to third parties for minimal consideration - On February 10, 2025, the Company transferred **70% equity interest** in Kaixin Jingtao for **$2**, resulting in no loss on disposal[46](index=46&type=chunk) - On May 21, 2024, the Company transferred **70% equity interest** in Kaixin Manman for **$16**, also resulting in no loss on disposal[47](index=47&type=chunk) [4. Intangible Assets](index=15&type=section&id=4.%20INTANGBILE%20ASSETS) As of June 30, 2025, Kaixin Holdings' net intangible assets totaled $18.852 million, primarily comprising trademarks and technology. Amortization expense for the six months ended June 30, 2025, was $1.862 million, consistent with the prior year Intangible Assets, Net (in thousands of US dollars) | Item | June 30, 2025 (in thousands of US dollars) | December 31, 2024 (in thousands of US dollars) | |:---------------------------|:-------------------------------------------|:-----------------------------------------------| | Intangible assets, net | $18,852 | $20,713 | - Amortization expense for the six months ended June 30, 2025, was **$1,862 thousand**, unchanged from the same period in 2024[48](index=48&type=chunk) - The total remaining amortization for intangible assets is projected to be **$18,852 thousand**, with significant amounts expected in 2026-2029[48](index=48&type=chunk) [5. Related Party Transactions and Balances](index=15&type=section&id=5.%20RELATED%20PARTY%20TRANSACTIONS%20AND%20BALANCES) As of June 30, 2025, Kaixin Holdings had no outstanding amounts due to related parties, including its controlling shareholder and CEO, Mr. Lin Mingjun, and CFO, Mrs. Yang Yi, a significant reduction from $355 thousand at December 31, 2024 Amounts Due to Related Parties (in thousands of US dollars) | Item | June 30, 2025 (in thousands of US dollars) | December 31, 2024 (in thousands of US dollars) | |:------|:-------------------------------------------|:-----------------------------------------------| | Total | $— | $355 | - All amounts due to related parties were settled by June 30, 2025, showing a decrease from **$355 thousand** at December 31, 2024[50](index=50&type=chunk) [6. Income Taxes](index=16&type=section&id=6.%20INCOME%20TAXES) Kaixin Holdings is not subject to income or capital gains taxes in the Cayman Islands. Its Hong Kong subsidiaries had no assessable profits. PRC subsidiaries are subject to a 25% Enterprise Income Tax rate, and the Group incurred $276 thousand in deferred income tax expenses for both the six months ended June 30, 2025, and 2024 - The Group is exempt from income or capital gains taxes in the Cayman Islands and Hong Kong subsidiaries had no assessable profits[51](index=51&type=chunk)[52](index=52&type=chunk) - PRC subsidiaries are subject to a statutory income tax rate of **25%**[53](index=53&type=chunk) - Deferred income tax expenses were **$276 thousand** for both the six months ended June 30, 2025, and 2024[54](index=54&type=chunk) [7. Convertible Notes](index=16&type=section&id=7.%20CONVERTIBLE%20NOTES) Kaixin Holdings fully settled its outstanding convertible notes as of June 30, 2025. During the six months ended June 30, 2025, the company issued $638 thousand in ordinary shares to settle a portion of Note B, following a $1,208 thousand settlement in the prior year period - The Group issued two Convertible Promissory Notes (Note A and Note B) to Streererville Capital, LLC, with a principal amount of **$2,180 thousand** each, bearing an **8%** annual interest rate[55](index=55&type=chunk)[56](index=56&type=chunk) - During the six months ended June 30, 2025, the Group issued **539,105 ordinary shares** (**$638 thousand**) to settle a portion of Note B. The company fully settled outstanding balances of convertible notes as of June 30, 2025[59](index=59&type=chunk) - Interest expense related to convertible notes was **$3 thousand** for the six months ended June 30, 2025, a significant decrease from **$121 thousand** in the prior year period[58](index=58&type=chunk) [8. Mezzanine Equity and Warrant Liabilities](index=17&type=section&id=8.%20MEZZANINE%20EQUITY%20AND%20WARRANT%20LIABILITIES) Kaixin Holdings previously issued Series A convertible preferred shares, which were classified as mezzanine equity and subsequently converted into ordinary shares by August 2021, with no outstanding Series A Preferred Shares as of June 30, 2025. Associated warrants were classified as warrant liabilities and remeasured at fair value, with $22 thousand outstanding as of June 30, 2025 - Series A convertible preferred shares, initially classified as mezzanine equity, were fully converted into ordinary shares by August 2021, with no outstanding shares as of June 30, 2025[64](index=64&type=chunk)[65](index=65&type=chunk) - Warrants (Series A, B, and C) issued in connection with Series A Preferred Shares were classified as warrant liabilities and remeasured at fair value at each reporting date[62](index=62&type=chunk)[63](index=63&type=chunk)[66](index=66&type=chunk) - As of June 30, 2025, and December 31, 2024, the Group had outstanding warrant liabilities of **$22 thousand**[66](index=66&type=chunk) [9. Equity](index=18&type=section&id=9.%20EQUITY) Kaixin Holdings' equity structure underwent significant changes, including two share consolidations in 2023 and 2024, an increase in authorized share capital, and redesignation into Class A and Class B Ordinary Shares. The company also has various series of preferred shares (D, F, G, H) and previously issued warrants (2023, 2022). PRC statutory reserves and restricted net assets limit dividend payments from PRC subsidiaries - The Group completed two share consolidations (**one-for-fifteenth** in September 2023 and **one-for-sixty** in October 2024) and increased authorized share capital to **$36,500,000**, divided into Class A and Class B Ordinary Shares and various preferred shares[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) Outstanding Ordinary Shares (Number of Shares) | Item | June 30, 2025 (Number of Shares) | December 31, 2024 (Number of Shares) | |:--------|:---------------------------------|:-------------------------------------| | Class B | 2,100,000 | 1,100,000 | - Series D, F, G, and H Preferred Shares are considered permanent equity as their redemption is within the Group's control. As of June 30, 2025, **42,000 Series F Preferred Shares** remained outstanding after partial settlements[74](index=74&type=chunk)[77](index=77&type=chunk)[81](index=81&type=chunk)[85](index=85&type=chunk) - The Group issued 2023 Warrants to purchase Class A Ordinary Shares at an exercise price of **$108.00 per share**, and previously issued 2022 Warrants which were redeemed in November 2023 by issuing **6,500,000 ordinary shares**[86](index=86&type=chunk)[88](index=88&type=chunk)[90](index=90&type=chunk) - PRC subsidiaries are required to provide for statutory reserves (**10% of net profit after tax**) and are restricted in their ability to transfer net assets (paid-in capital and statutory reserve, totaling **$107,222 thousand**) to the Group as dividends, loans, or advances[91](index=91&type=chunk)[92](index=92&type=chunk) [10. Loss Per Share](index=23&type=section&id=10.%20LOSS%20PER%20SHARE) For the six months ended June 30, 2025, Kaixin Holdings reported a basic and diluted net loss per share of $(0.86), a significant improvement from $(6.02) in the prior year, despite a higher net loss. This improvement is attributed to a substantial increase in the weighted average shares outstanding Net Loss Per Share (in thousands of US dollars, except per share data) | Item | Six Months Ended June 30, 2025 (Number of Shares) | Six Months Ended June 30, 2024 (Number of Shares) | |:-------------------------------------------------------------|:--------------------------------------------------|:--------------------------------------------------| | Weighted average shares used in calculating net loss per share | 9,769,065 | 892,491 | - The weighted average shares used in calculating net loss per share increased over tenfold from **892,491** in 2024 to **9,769,065** in 2025[94](index=94&type=chunk) - Potential dilutive securities were not included in the calculation of diluted net loss per share for both periods as their inclusion would be anti-dilutive due to the net loss[94](index=94&type=chunk) [11. Share-Based Compensation](index=23&type=section&id=11.%20SHARE-BASED%20COMPENSATION) Kaixin Holdings granted a significant number of restricted shares under the Kaixin 2024 Plan, leading to a substantial increase in share-based compensation expenses. As of June 30, 2025, there was approximately $1.824 million in unrecognized compensation cost related to unvested restricted shares, expected to be recognized over 2.60 years - For the six months ended June 30, 2025, the Group granted **3,800,000 Class A Ordinary Shares** and **1,000,000 Class B Ordinary Shares** under the Kaixin 2024 Plan[97](index=97&type=chunk) - Share-based compensation expenses increased significantly to **$5,700 thousand** for the six months ended June 30, 2025, from **$1,447 thousand** in the prior year period, charged to general and administrative expenses[99](index=99&type=chunk) - As of June 30, 2025, total unrecognized compensation cost related to unvested restricted shares was approximately **$1,824 thousand**, with a weighted average recognition period of **2.60 years**[98](index=98&type=chunk) [12. Commitments and Contingencies](index=24&type=section&id=12.%20COMMITMENTS%20AND%20CONTINGENCIES) Kaixin Holdings may be subject to legal proceedings, claims, and disputes in the ordinary course of business, but management does not believe these will have a material adverse impact on its financial position, results of income, or liquidity - The Company does not believe that current legal proceedings, claims, and disputes will have a material adverse impact on its financial position, results of income, or liquidity[100](index=100&type=chunk) [13. Subsequent Events](index=24&type=section&id=13.%20SUBSEQUENT%20EVENTS) Subsequent to the reporting period, on August 6, 2025, Kaixin Holdings resolved to issue 10,000 Series I Convertible Preferred Shares with a total stated value of $10,000 thousand to Discover Flux Ltd as compensation for the transfer of 100% equity interest in Morning Star Auto Inc., which had net asset deficits - On October 15, 2024, the Company transferred **100% equity interest** of Morning Star Auto Inc. to Discover Flux Ltd. Morning Star Auto Inc. reported net asset deficits of approximately **$8,400 thousand** on the transfer day[101](index=101&type=chunk) - On August 6, 2025, the Company resolved to issue **10,000 Series I Convertible Preferred Shares** with a total Stated Value of **$10,000 thousand** to Discover Flux Ltd as part of the equity transfer transaction[101](index=101&type=chunk)

Group 1 - The five Chinese concept stocks with the largest closing declines are Sentage down 29.28%, Kaixin Auto down 25.35%, Zhongyang Financial Group down 21.62%, AieV Auto down 21.20%, and Chuangzhi Global Technology down 18.20% [1][1][1] - Sentage's latest price is 2.850 with a decline of 1.180 and a trading volume of 1.7891 million [1][1] - Kaixin Auto's latest price is 0.799 with a decline of 0.271 and a trading volume of 743,400 [1][1] - Zhongyang Financial Group's latest price is 1.450 with a decline of 0.400 and a trading volume of 2.6265 million [1][1] - AieV Auto's latest price is 0.0788 with a decline of 0.0212 and a trading volume of 3,981.87 [1][1] - Chuangzhi Global Technology's latest price is 0.6945 with a decline of 0.1545 and a trading volume of 1.4339 million [1][1]

Core Insights - KXIN announced a strategic acquisition of 55% equity in the AI education company Xingcan, marking a significant move towards integrating AI with education and live streaming [1] Company Summary - KXIN plans to issue new shares to finance the acquisition of Xingcan, indicating a commitment to expanding its footprint in the AI education sector [1] - The acquisition aims to enhance collaboration between KXIN and Xingcan, focusing on a global strategy that combines AI, education, and live streaming [1] Industry Summary - The transaction is positioned to accelerate the intelligent upgrade of the education industry, reflecting a growing trend towards the integration of technology in educational practices [1]

Core Viewpoint - Kaixin Holdings plans to acquire a 55% stake in XINGCAN, a leading Chinese AI education company, to enhance collaboration in the "AI + Education + Live Streaming" ecosystem and drive intelligent upgrades in the education industry [1][4]. Company Overview - Kaixin Holdings is transitioning into an AI-driven tech business in China, aiming to expand its AI capabilities and create growth opportunities through the acquisition of XINGCAN [5]. - XINGCAN has established a strong position in AI education, focusing on the integration of live streaming and education, and has built a comprehensive educational ecosystem [2][5]. Business Model and Capabilities - XINGCAN's business model includes a full-chain educational ecosystem that encompasses content production, live streaming interaction, teaching services, and user growth [2]. - The company operates on three core capabilities: Intelligent Education Engine, AI Education Ecosystem, and Knowledge Creator Network [7]. Strategic Goals - The collaboration aims to leverage resources such as traffic portals, technology platforms, and global channels to accelerate XINGCAN's development into a premium firm in the global AI education ecosystem [4]. - XINGCAN targets a 50% expected annual growth rate over the next few years, with a "three-year triple jump" performance goal [4].

Market Capitalization Summary - New Oriental has a market capitalization of 16.359 billion [2] - TAL Education has a market capitalization of 10.938 billion [2] - Vipshop has a market capitalization of 6.578 billion [2] - Miniso has a market capitalization of 5.578 billion [2] - Zai Lab has a market capitalization of 3.982 billion [2] - Huya has a market capitalization of 0.724 billion [3] Stock Performance - New Oriental's stock increased by 0.77 (+3.89%) [2] - TAL Education's stock decreased by 0.04 (-0.82%) [2] - Vipshop's stock decreased by 0.18 (-1.19%) [2] - Miniso's stock decreased by 0.50 (-2.62%) [2] - Zai Lab's stock decreased by 1.95 (-5.16%) [2] - Huya's stock increased by 0.01 (+0.45%) [3] Additional Company Insights - Financial One Account has a market capitalization of 0.287 billion [3] - Xiaomi has a market capitalization of 0.213 billion [3] - Huami has a market capitalization of 0.175 billion [3] - Tuniu has a market capitalization of 0.120 billion [3]

Market Capitalization Overview - New Oriental has a market capitalization of 15.747 billion [2] - TAL Education (好未来) has a market capitalization of 11.040 billion [2] - Vipshop (唯品会) has a market capitalization of 9.610 billion [2] - Miniso (名创优品) has a market capitalization of 5.940 billion [2] - Zai Lab (再鼎医药) has a market capitalization of 4.200 billion [2] - Huya (虎牙) has a market capitalization of 7.500 billion [2] Stock Performance - New Oriental's stock increased by 0.36 (+8.09%) [2] - TAL Education's stock decreased by 0.27 (-0.60%) [2] - Vipshop's stock increased by 0.56 (+2.49%) [2] - Miniso's stock increased by 0.01 (+0.07%) [2] - Zai Lab's stock decreased by 0.81 (-4.06%) [2] - Huya's stock increased by 0.03 (+0.75%) [2] Additional Company Insights - Financial One Account (金融壹账通) has a market capitalization of 2.91 million [3] - Xunlei (迅雷) has a market capitalization of 4.48 million [3] - Huami Technology (华米科技) has a market capitalization of 1.64 million [3] - Tuniu (途牛) has a market capitalization of 1.21 million [3] - Aiqiyi (爱奇艺) has a market capitalization of 24.11 billion [2]