Beijing, China, Dec. 17, 2025 (GLOBE NEWSWIRE) -- Token Cat Limited (Nasdaq: TC) (the “Company” or “Token Cat”)Today announced that Autozi Internet Technology (Global) Ltd. (Nasdaq: AZI) (“AZI”), a leading enterprise in China’s automobile sales and aftersales services sector, has reached a preliminary consensus with the Company on a proposed equity investment and business cooperation. Pursuant to the proposed arrangement, AZI plans to subscribe for newly issued shares of Token Cat at a price of US$30 per sh ...

Core Insights - Token Cat Limited has reached a preliminary consensus with Autozi Internet Technology (AZI) for a proposed equity investment and business cooperation, with AZI intending to invest approximately US$100 million at a price of US$30 per share [1][2]. Investment Details - The proposed subscription is expected to be conducted through a negotiated transaction, with the final structure, number of shares, and other key terms still subject to further negotiation and regulatory approvals [3][6]. - If successful, the investment is anticipated to strengthen Token Cat's capital base and support its initiatives in automotive group buying, user operations, and digital marketing [4]. Strategic Alignment - The cooperation aligns with Token Cat's long-term strategy in the automotive consumption and services sector, leveraging AZI's industry experience and resources to explore multi-level cooperation models [5]. - Both companies aim to identify potential synergies in automotive sales, after-sales services, and channel integration [4][5]. Company Profiles - Token Cat Limited focuses on enhancing automotive consumption and service scenarios through digital technologies and platform-based solutions, aiming to provide cost-effective vehicle purchasing and convenient service experiences [7]. - Autozi Internet Technology (AZI) is a leading player in automotive sales and after-sales services, with a business model that includes vehicle sales, maintenance, financial services, and a global expansion strategy [8].

据交易所数据显示，12月16日，团车(TC)开盘上涨8.62%，截至22:32，报15.88美元/股，成交2.27万美 元，总市值2686.44万美元。 财务数据显示，截至2025年06月30日，团车收入总额1977.7万人民币，同比减少38.78%；归母净利 润-67.5万人民币，同比增长98.34%。 资料显示，Token Cat Limited(曾用名:团车有限责任公司)一家在开曼群岛注册成立的境外控股母公司,主 要通过其境内实体子公司团车互联网信息服务(北京)有限公司运营。其子公司是中国领先的汽车电商平 台,创办于2010年。团车围绕汽车交易场景布局新零售战略,打造完整的汽车交易服务生态链。团车开创 了汽车行业场景化的新零售模式,并携手汽车主机厂与经销商为广大消费者搭建了本地线下购车场景,在 方便消费者购车的同时,降低汽车厂商与用户的沟通成本,降低单车营销费用,提高成单率。 本文源自：市场资讯 作者：行情君 ...

Core Insights - Token Cat Limited has entered into a master service agreement with Better Now New York Inc. to collaborate on an artificial intelligence data center project in the United States, marking a significant step in the company's overseas expansion efforts [1][4]. Project Details - The AI data center project will be based on approximately 30 megawatts (MW) of power capacity, implemented in phases. Currently, Token Cat has access to about 12 MW of available power capacity in the U.S. for initial deployment [2][3]. - Token Cat will be involved in project planning, funding arrangements, and will support data center construction and operations, while Better Now will utilize its local resources for project execution [3][5]. Strategic Importance - The collaboration is expected to enhance Token Cat's overseas infrastructure and meet the growing demand for stable computing infrastructure driven by artificial intelligence applications [4][5]. - The CEO of Token Cat emphasized the importance of this collaboration for advancing the company's infrastructure initiatives and exploring long-term growth opportunities in a disciplined manner [5].

Core Viewpoint - Token Cat Limited has approved a Crypto Asset Investment Policy to allocate up to USD 1 billion into selected crypto assets, aiming to enhance its asset strategy and resilience amid macroeconomic uncertainty [1][2]. Group 1: Policy Framework - The Board has set an overall allocation limit of up to USD 1 billion for digital asset planning, with deployment occurring in phases based on market conditions and risk assessments [2]. - The initial asset allocation will focus on emerging crypto project tokens with strong growth prospects, particularly in AI, RAW-to-chain initiatives, and token-equity hybrid models [3]. - The Company will adhere to the highest-tier custody standards and will not self-custody acquired crypto assets [3]. Group 2: Governance and Oversight - A Crypto Asset Risk Committee has been established, led by the CFO, to oversee asset allocation, manage risk controls, and report regularly to the Board [4]. - The appointment of Sav Persico as Chief Operating Officer, who has thirty years of experience in crypto and blockchain, is aimed at effectively implementing the new policy [2][5]. Group 3: Strategic Intent - The Company views crypto assets as long-term value reserves rather than speculative tools, focusing on sustainable, long-term growth [5].

Core Insights - Token Cat Limited has appointed Sav Persico as Chief Operating Officer, effective immediately, to enhance its operational development and strategic execution in the crypto asset sector [1][3]. Company Overview - Sav Persico brings over 30 years of leadership experience in crypto assets, cryptocurrency investment, and blockchain systems, having built key blockchain infrastructure projects and data platforms [2]. - His strengths include cross-team collaboration, organizational management, and the implementation of complex systems, which will be pivotal in driving the company's crypto asset strategy and partnerships [2]. Strategic Focus - As COO, Sav Persico will focus on building a crypto asset operations framework centered around major cryptocurrencies like Bitcoin and Ethereum, and establishing a management structure that includes risk control, asset allocation, and yield optimization [3]. - He will also evaluate and drive strategic synergies across crypto ecosystems and related business models, enhancing Token Cat's competitiveness in enterprise-level crypto asset management [3]. Leadership Perspective - The CEO of Token Cat Limited, Guangsheng Liu, emphasized that Sav's appointment is a significant step in upgrading the company's crypto asset strategy, leveraging his extensive experience in technology management and value creation [4]. - Sav Persico highlighted the critical stage of enterprise adoption and infrastructure expansion in the crypto asset industry, expressing his commitment to advancing Token Cat's strategy for long-term growth through technology-driven asset management [4].

Core Insights - Token Cat Limited is shifting its focus towards high-technology and next-generation energy sectors after divesting its unprofitable business and restructuring [1] - The company plans to raise up to $500 million through its U.S. subsidiary to explore nuclear fission energy applications for future computing infrastructure and as a stable power source for AI operations [1][2] Strategic Expansion - The management highlighted that the increasing demand for AI and high-performance computing is putting significant pressure on energy supply and costs [2] - Nuclear fission is viewed as a promising area for exploration, with plans to study its commercialization and strategic fit [2] Research and Collaboration - The U.S. subsidiary aims to engage with research institutions, energy engineering firms, and AI computing companies to identify collaboration opportunities [3] - The focus will be on developing advanced fission reactor technologies, small modular energy systems, and integrated nuclear-powered computing architectures [3] Leadership Perspective - The CEO emphasized that the energy demands of AI are transforming the tech landscape, and next-generation energy solutions are crucial for future competitiveness [4] - The company intends to assess the role of nuclear fission in computing infrastructure with a balanced approach of caution and ambition [4]

Market Overview - The infrastructure sector delivered positive returns in Q3, although it lagged behind global equities due to a risk-on market environment driven by animal spirits [3] - U.S. utilities, renewables, and North American natural gas and pipelines performed well, supported by high demand for power from AI-focused data centers [4][12] - European utilities faced challenges, particularly U.K. water utilities, which were negatively impacted by rising interest rates [4] Sector Performance - North American rails showed strong performance following news of a proposed merger, which could unlock significant value [5] - French toll roads declined due to political uncertainty and rising sovereign risk linked to the French budget fallout [6] - Communication towers were the weakest performers, experiencing slower growth in carrier capital expenditures during the current 5G cycle [6] Regional Highlights - The U.S. and Canada were the top contributors for the quarter, with Entergy and TC Energy leading the performance [7] - Entergy, a regulated electric utility, saw its share price increase due to ongoing data center deals [7] - TC Energy manages extensive natural gas pipelines and power assets, benefiting from stable cash flows and favorable project origination conditions [8] Detractors - Severn Trent and Vinci were the largest detractors, with Severn Trent facing concerns over U.K. fiscal policy [9] - Vinci operates a significant portion of France's toll road network and was affected by political uncertainty, although its operations remained stable [10] Future Outlook - Strong opportunities are anticipated in the infrastructure sector driven by decarbonization and energy transition, particularly in electric utilities across the U.S., EU, and U.K. [11] - Investments in electric and water utilities are expected to enhance grid resiliency and accommodate increased load growth due to reshoring and AI-focused data centers [12] Portfolio Highlights - The infrastructure strategy saw positive contributions from four out of seven sectors, with electric and gas utilities and airports being the top contributors [15] - The strategy underperformed relative to the FTSE Global Core Infrastructure 50/50 Index, primarily due to stock selection issues in the electric and water utility sectors [16] - Top contributors to absolute returns included Entergy, TC Energy, and WEC Energy, while Vinci and Severn Trent were the main detractors [17] Investment Actions - A new position was initiated in Spanish electric utility Iberdrola, while positions in Eletrobras, United Utilities, and Pembina Pipeline were exited [18]

Financial Statements [Condensed Consolidated Balance Sheets](index=2&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased, shifting from a shareholders' deficit to equity, driven by a surge in prepayments | Metric | December 31, 2024 (RMB thousand) | June 30, 2025 (RMB thousand) | | :-------------------------------- | :--------------------------- | :------------------------- | | Total Assets | 44,143 | 203,702 | | Total Liabilities | 184,950 | 170,716 | | Shareholders' (Deficit)/Equity | (140,807) | 32,986 | | Prepayment and other current assets, net | 14,951 | 175,870 | [Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Net loss significantly decreased to **RMB 675 thousand**, driven by a substantial gain from warrant liability fair value changes | Metric | 6 Months Ended June 30, 2024 (RMB thousand) | 6 Months Ended June 30, 2025 (RMB thousand) | | :------------------------------------------ | :--------------------------------------- | :--------------------------------------- | | Total Net Revenues | 32,305 | 19,777 | | Gross Profit | 22,354 | 15,626 | | Change in fair value of warrant liability | 2,338 | 42,069 | | Net Loss | (40,675) | (675) | | Basic and diluted net loss per share | (0.10) | — | [Unaudited Condensed Consolidated Statements of Changes in Equity](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Shareholders' deficit transitioned to equity, driven by **RMB 165,039 thousand** in common share issuance | Metric | December 31, 2024 (RMB thousand) | June 30, 2025 (RMB thousand) | | :-------------------------------- | :--------------------------- | :------------------------- | | Total TokenCat Limited shareholders' (deficit)/equity | (140,807) | 32,986 | | Issuance of common shares (6 months ended June 30, 2025) | N/A | 165,039 | | Share-based compensation (6 months ended June 30, 2025) | N/A | 8,994 | | Net loss (6 months ended June 30, 2025) | N/A | (675) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash used in operations increased, largely offset by financing activities, primarily from offering proceeds | Metric | 6 Months Ended June 30, 2024 (RMB thousand) | 6 Months Ended June 30, 2025 (RMB thousand) | | :------------------------------------------ | :--------------------------------------- | :--------------------------------------- | | Net cash used in operating activities | (11,088) | (169,500) | | Net cash generated from financing activities | 7,213 | 164,195 | | Proceeds of offering, net of listing fee | — | 165,295 | | Net decrease in cash, cash equivalents and restricted cash | (6,645) | (5,258) | Notes to Unaudited Condensed Consolidated Financial Statements [1. Organization and Reorganization](index=6&type=section&id=1.%20Organization%20and%20Reorganization) TokenCat Limited operates in the PRC via VIEs, providing auto shows and marketing, facing risks from uncertain PRC legal enforcement - TokenCat Limited (formerly TuanChe Limited) is a Cayman Islands holding company conducting business mainly through its subsidiaries and Variable Interest Entities (VIEs) in the People's Republic of China[15](index=15&type=chunk)[16](index=16&type=chunk) - The Group's primary services include auto shows, special promotion events, online marketing, social CRM cloud services, and referral services[16](index=16&type=chunk) - The VIE structure, used to navigate PRC foreign investment restrictions, is subject to substantial uncertainties regarding the interpretation and application of PRC laws, which could limit the Group's ability to enforce contractual arrangements and materially adversely affect its business[19](index=19&type=chunk)[22](index=22&type=chunk) [Contractual arrangements with VIEs](index=6&type=section&id=Contractual%20arrangements%20with%20VIEs) The Group operates in the PRC through VIEs due to foreign investment restrictions, consolidating them via contractual arrangements that grant control and economic benefits - The Group conducts operations in the PRC partially through VIEs (TuanChe Internet, Drive New Media, Internet Drive Technology, and Hainashuke) due to PRC foreign investment restrictions in value-added telecommunication services[17](index=17&type=chunk) - The Company consolidates the VIEs because contractual arrangements (exclusive business cooperation, call option, equity pledge, powers of attorney, spousal consent) enable it to direct activities and receive economic benefits[17](index=17&type=chunk)[18](index=18&type=chunk) [Risks in relation to the VIE structure](index=6&type=section&id=Risks%20in%20relation%20to%20the%20VIE%20structure) Uncertainties in PRC law interpretation and potential regulatory actions pose significant risks to the Group's ability to enforce VIE contractual arrangements and operate its business - There are substantial uncertainties regarding the interpretation and application of PRC laws governing contractual arrangements, which could limit the Group's ability to enforce these arrangements[19](index=19&type=chunk)[22](index=22&type=chunk) - Potential regulatory actions by PRC authorities could include revoking licenses, restricting operations, blocking websites, or requiring restructuring, which would materially adversely affect the Group's business[22](index=22&type=chunk)[23](index=23&type=chunk) - Management believes the likelihood of losing control over VIEs is remote based on current facts, and contractual arrangements are legally enforceable under PRC law, though enforcement involves uncertainties[22](index=22&type=chunk) [Combined financial information of VIEs](index=8&type=section&id=Combined%20financial%20information%20of%20VIEs) VIEs reported **RMB 140,167** in total assets and **RMB 288,290** in total liabilities as of June 30, 2025, with net revenues of **RMB 21,521** and a net loss of **RMB (1,589)** for the six months ended June 30, 2025 | Metric | December 31, 2024 (RMB) | June 30, 2025 (RMB) | | :-------------------------- | :---------------------- | :------------------ | | Total Assets | 142,595 | 140,167 | | Total Liabilities | 290,300 | 288,290 | | Net revenues (6 months ended) | 15,360 | 21,521 | | Net loss (6 months ended) | (15,250) | (1,589) | | Net cash used in operating activities (6 months ended) | (6,868) | (3) | - The Company has the power to direct VIE activities and transfer assets, with no assets in VIEs restricted for settling VIE obligations, except for registered capital of approximately **RMB 40.1 million**[25](index=25&type=chunk) [2. Going Concern](index=9&type=section&id=2.%20Going%20Concern) Recurring losses, negative cash flows, and an accumulated deficit of **RMB 1,421.8 million** raise substantial doubt about the Group's ability to continue as a going concern, requiring strategic execution and financing - The Group has incurred recurring operating losses and negative cash flows from operations since its inception, including a net loss of **RMB 0.7 million** for the six months ended June 30, 2025, and an accumulated deficit of **RMB 1,421.8 million**[27](index=27&type=chunk) | Metric | Year Ended Dec 31, 2023 (RMB million) | Year Ended Dec 31, 2024 (RMB million) | 6 Months Ended June 30, 2025 (RMB million) | | :-------------------------------- | :------------------------------------ | :------------------------------------ | :----------------------------------------- | | Net Loss | 83.0 | 188.0 | 0.7 | | Net Cash Used in Operating Activities | 74.9 | 34.7 | 169.5 | | Accumulated Deficit | N/A | N/A | 1,421.8 | | Cash and Cash Equivalents | N/A | N/A | 5.1 | - These conditions, coupled with weak economic growth in China and staff resignations, raise substantial doubt about the Group's ability to continue as a going concern, necessitating successful execution of business plans and potential financing[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) [3. Significant Accounting Policies](index=10&type=section&id=3.%20Significant%20Accounting%20Policies) This section details the Group's significant accounting policies under U.S. GAAP, covering consolidation, estimates, fair value measurements, asset impairment, revenue recognition, taxation, and risk concentrations - The Group's condensed consolidated financial statements are prepared in accordance with U.S. GAAP and include the Company, its subsidiaries, VIEs, and subsidiaries of VIEs for which the Company is the primary beneficiary[31](index=31&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk) - Significant accounting estimates are made for items such as accounts receivable, deferred tax assets, share-based compensation, impairment of goodwill and long-lived assets, and valuation of warrant liabilities at fair value[37](index=37&type=chunk) - Revenue recognition follows

Company Overview - Token Cat Limited, formerly known as TuanChe Limited, is a leading automotive marketplace in China, founded in 2010 [5] - The company connects automotive consumers with manufacturers, dealers, and service providers, offering comprehensive marketing and transaction services [5] - Token Cat utilizes an interactive many-to-many model to transform individual car purchases into large-scale group buying experiences [5] - The company is exploring entry into the cryptocurrency sector [5] ADS Ratio Change Announcement - Token Cat plans to change the ratio of its American depositary shares (ADSs) from 1 ADS representing 240 Class A ordinary shares to 1 ADS representing 4,800 Class A ordinary shares, effective on or about August 29, 2025 [1][2] - This change will effectively act as a one-for-twenty reverse ADS split for ADS holders [2] - The exchange of existing ADSs for new ADSs will occur automatically, with no action required from holders [2] Fractional ADSs and Trading - No fractional new ADSs will be issued; instead, fractional entitlements will be aggregated and sold, with net cash proceeds distributed to ADS holders [3] - There will be no change to the Company's Class A ordinary shares, and the ADSs will continue to trade on the Nasdaq Capital Market under the symbol "TC" [4] - The ADS price is expected to increase proportionally as a result of the ADS Ratio Change, although no assurance can be given regarding the price post-change [4]