Kaixin Auto Holdings Appoints New Chief Financial Officer
August 26 2019 - 5:00AM
Kaixin Auto Holdings (Nasdaq: KXIN) (“Kaixin” or the “Company”)
announced today that it has appointed Ms. Yi “Lucy” Yang as its
Chief Financial Officer, effective immediately. Ms. Yang will
succeed Mr. Thomas Ren, who will continue to serve as chief
financial officer of Renren Inc. (NYSE: RENN) (“Renren”).
Mr. Ji Chen, Chief Executive Officer of Kaixin,
said, "On behalf of Kaixin’s Board of Directors and management
team, I would like to thank Thomas for his numerous contributions
and tireless work at Kaixin. I would also like to take this
opportunity to warmly welcome Ms. Yi “Lucy” Yang to the Company.
Lucy brings to Kaixin nearly two decades of leadership experience
in corporate finance, capital markets, mergers and acquisitions and
risk management. I look forward to working together with her and am
confident that her leadership and deep financial background will
make her a tremendous asset to our management team as we execute on
our numerous growth initiatives."
"I am both honored and excited to join Kaixin as
its Chief Financial Officer and be part of such an experienced and
highly motivated management team," said Ms. Yang. "With Kaixin’s
leadership in the premium used car dealership market, the Company
is well positioned to capitalize on the fragmented used car market
by leveraging its brand, scale and technology, and to deliver solid
value. I am thrilled by this extraordinary opportunity and am
looking forward to help lead the Company as we continue to capture
opportunities in this expanding space, deepen our market
penetration, and increase our profitability."
Prior to joining Kaixin, Ms. Yang served as
strategic investment director and financial controller for Jomoo, a
leading manufacturer and supplier of home products, such as kitchen
and bathroom units, in China. Prior to that, she was chief
financial officer at Wellong Etown, an internet-based logistics
company. Ms. Yang has also worked at the Bank of New York Mellon as
vice president and controller, where she formulated strategic
financial plans, participated in asset restructurings, and worked
on numerous large domestic and cross-border M&A
transactions.
Ms. Yang received a master’s degree in Computer
Science from Saint Joseph’s University in the U.S. She is a
certified public accountant, and a member of American Institute of
Certified Public Accountants (AICPA).
About Kaixin Auto Holdings
Founded in 2015 as a venture into China’s used car financing
market by its corporate parent Renren Inc., Kaixin Auto Group is a
leading premium used car dealership in China. Supported by the
rapid growth of China’s used car market and leveraging its own
hybrid business model that offers both strong online and offline
presence, Kaixin has transformed from a tech-enabled financing
platform into a nationwide dealer network that combines its own and
affiliated dealers as well as value-added and after-sale
services.
Important Notice Regarding
Forward-Looking Statements
This release may contain forward-looking
statements within the meaning of the U.S. federal securities laws.
These forward-looking statements generally can be identified by
phrases such as that we or our members of management “believe,”
“expect,” “anticipate,” “foresee,” “forecast,” “estimate” or other
words or phrases of similar import. Specifically, these statements
include, among other things, statements that describe our
expectations for the growth of our business, expansion into new
geographic markets, maintaining and expanding our relationship with
key retail partners, the financial impact of new sales contracts on
our revenue, our plan to make significant capital expenditure, and
other statements of management’s beliefs, intentions or goals. It
is uncertain whether any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of
them do, what impact they will have on our results of operations,
financial condition, or the price of our ordinary shares. These
forward-looking statements involve certain risks and uncertainties
that could cause actual results to differ materially from those
indicated in such forward-looking statements, including but not
limited to our ability to penetrate and increase the acceptance of
our product in new geographic markets; to perform our agreements
with customers and further develop our relationships with key
retail partners; our ability to recognize revenue from our
contracts; continued competitive pressures in the marketplace; our
reliance on a few customers for a substantial part of our revenue;
our ability to implement our plans, forecasts and other
expectations with respect to our business and realize additional
opportunities for growth; and the other risks and important factors
contained and identified in our filings with the Securities and
Exchange Commission. All forward-looking statements attributable to
us or to persons acting on our behalf are expressly qualified in
their entirety by these risk factors. Since we operate in an
emerging and evolving environment and new risk factors and
uncertainties emerge from time to time, you should not rely upon
forward looking statements as predictions of future events. Except
as required under the securities laws of the United States, we
undertake no obligation to update any forward-looking or other
statements herein to reflect events or circumstances after the date
hereof, whether as a result of new information, future events or
otherwise.
For more information, please visit:
http://ir.kaixin.com.
For investor and media inquiries, please
contact:
In China: The Piacente Group, Inc. Ross Warner Tel: +86 (10)
6508-0677 Email: Kaixin@tpg-ir.com
In the United States: The Piacente Group, Inc. Jason Finkelstein
Tel: +1-212-481-2050 Email: Kaixin@tpg-ir.com
Source: Kaixin Auto Holdings
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