August 10, 2022

JZXN PROFILE

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Jiuzi Holdings, Inc., headquartered in Hangzhou, China, and established in 2017, franchises and operates retail stores under the brand name “Jiuzi” to sell New Energy Vehicles (“NEVs”) in third-fourth tier cities in China. The Company mainly sells battery-operated electric vehicles, and sources NEVs through more than twenty NEV manufacturers. It has 31 operating franchise stores and one company-owned store.

In 2021, China recorded the strongest growth in the EV market with around 3.2 million EVs sold. This was an increase of 2 million EV units compared to 2020 which was more than the combined increase of all other regions taken together.

This resulted in China regaining its dominance in the global EV market with an overall share of 53%.  A massive jump in China’s EV penetration rate from 6% in 2020 to 13% in 2021 is reflective of facilitatory role of the government, adaptability of consumers and a diverse product offering from OEMs.

China has come a long way from being regarded as a technological backwater to a hub.

The latest addition to its rising technological prowess is the domestic production of electric vehicles, something that could be regarded as coming organically to American, European or Japanese automakers with their long history of manufacturing cars.

These companies and many others are giving a stiff competition to western automakers in the EV market in China. Their product offering is unique and differentiated. Supported by internet giants, these start-ups have equipped their EV models with the state of the art EV intelligence systems, converting cars into smart devices on wheels. Some of these start-ups are known to employ more tech gurus than car engineers.

The Chinese EV consumer profile and behavior is notable and distinct from other parts of the world.

  • Many Chinese customers can easily adapt to EVs because they have no prior car ownership experience and therefore there is no ‘switching cost’ involved. In contrast, the consumers in the western countries have years of experience driving internal combustion engine cars which makes them slow to change their behavior.
  • Chinese consumers are price sensitive and OEMs have responded by offering EVs at various price points.
  • These consumers are keen to  adopt the latest digital architecture and intelligent functions EVs are equipped with.
  • Many enthusiastic Gen Z and millennial buyers take their latest acquisition to another level by personalizing their EVs as a mark of self-expression.

Jiuzi Holdings, Inc. Enters into Strategic Cooperation with Leading Chinese Car Dealer, Shuke

HANGZHOU, China, June 22, 2022 /PRNewswire/ — Jiuzi Holdings, Inc. (NASDAQ: JZXN; the “Company”), a new energy vehicles franchisor and retailer under the brand name “Jiuzi” in China, today announced that it has entered into strategic cooperation (the “Agreement”) with Zhejiang Shuke Automobile Service Co. Ltd. (“Shuke”), a leading car dealer in China. The cooperation will be operated by its newly established subsidiary Hangzhou Jiuyao New Energy Automobile Technology Co. Ltd. (“Jiuyao”).

According to the Agreement, Jiuyao is granted a non-exclusive right to engage in the sales of Shuke electric-vehicle (EV) cars, Shuke’s car-hailing business, and financial products. Jiuyao plans to purchase 200 standard and customized models of Shuke EVs between 2022 and 2023. Shuke is prepared to provide about a financial credit line of up to 100 million yuan to Jiuyao based on Jiuyao’s financing needs. Jiuyao will be able to sell Shuke’s EVs directly to end users on car-hailing platforms such as T3 Mobility, Didi Chuxing, Huolala, Jiuzi Haoche, and Zhongche Chuxing, among others, according to the Agreement.

Based in Zhejiang province’s capital Hangzhou city, Shuke is mainly engaged in minibus rental, auto parts trading and services, sales of EVs and other car-related after-sale services. Shuke’s core management team also has extensive experience in banking and micro-lending and Shuke has a connection with a network of professional financial and investment institutions, operating as a service platform that links online to offline services, with a focus on the nationwide automotive aftermarket sector, according to the Agreement.

Mr. Shuibo Zhang, CEO of Jiuzi Holdings, Inc., commented: “We are delighted to announce major cooperation with Shuke for our recently launched new energy vehicles procurement platform Jiuyao. Shuke’s brand, service network, and its distribution ability are being recognized by well-known automakers and vehicle trading companies. We would anticipate fruitful returns from our cooperation with Shuke in the following year.”

About Zhejiang Shuke Automobile Service Co. Ltd.

Founded in 2020 with a registered capital of 10 million yuan, Shuke is mainly engaged in minibus rental, auto parts and services, sales of EVs and other car-related aftersale services in China. Shuke now operates in five cities including Ningbo, Jinhua, Taizhou, Huzhou and Shanghai and plans to set up subsidiaries in four other cities in China within the year.

Jiuzi Holdings, Inc. Enters into Strategic Cooperation Agreement with Chinese EV Brand Distributor Anji Chuangxing

HANGZHOU, China, May 18, 2022 /PRNewswire/ — Jiuzi Holdings, Inc. (NASDAQ: JZXN; the “Company”), a new energy vehicles franchisor and retailer under the brand name “Jiuzi” in China, today announced that, on April 30, 2022, the Company, through its wholly-owned subsidiary Hangzhou Zhitongche Technology Co., Ltd. (“Zhitongche”), has entered into an one-year strategic cooperation agreement (the “Agreement”) with Anji Chuangxing New Energy Auto Sales Co. Ltd. (“Anji Chuangxing”), a Chinese car distributor of Anji Changyou Auto Service Co. Ltd. (“Anji Changyou”), which is a wholly state-owned electric vehicle (“EV”) maker dedicated to promote the idea of smart and green travel.

Pursuant to the Agreement, the two parties will work together to further the development of the EV industry by, for example, promoting innovative formats of travel and sales of EVs, ensuring safe, reliable and commercially viable application of EVs in long distance transportation, building an EV transportation investment system, and improving the efficiency and quality for travel-related services.

Anji Chuangxing’s target market is Huzhou city, which is one of the first ecological wellness demonstration cities in China with a robust tourism market. Since Huzhou promotes low-carbon and green travel that commands strong demand for EVs, it is expected to create tremendous business opportunities for the collaboration between Zhitongche and Anji Chuangxing, which will attempt to conduct EV rental services for the first time in Zhejiang Province, specifically targeting the tourism industry.

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Mr. Shuibo Zhang, CEO of Jiuzi Holdings, Inc., commented: “Following our strategic tie with leading EV makers such as Geely and Skywell’s affiliates, we are committed to advancing our multi-brand strategy and we believe our collaboration with Anji Chuangxing will yield fruitful returns. Anji Chuangxing also intends to provide RMB50-100 million financial facility to support our purchases of diverse brands of EVs in the near future.”

“In addition to continue expanding our distribution across China and penetrating new markets, we are also testing and exploring market opportunities to enter into car-hailing services. JZXN will keep its great momentum to look for partnerships and market opportunities that enable us to leverage our strengths, benefit our business and facilitate our future growth.”

About Anji Chuangxing New Energy Auto Sales Co. Ltd.

Anji Xing New Energy Auto Sales Co., Ltd. is a wholly-owned subsidiary of Anji Changyou Auto Service Co., Ltd. Anji Changyou is a mixed ownership enterprise controlled by Anji Transportation Development Company and Urban Investment Group Company, which are state-owned enterprises,. Anji Changyou promotes the idea of green and smart travel, and relies on its infrastructure construction business as the basis to facilitate this new format of new energy green travel. It mainly promotes the application of new energy vehicles by relying on government support, closely following market demand, strengthening market planning, developing standard construction of charging infrastructure, and forming a convenient rental and charging service network for new energy vehicles to cover the whole city.

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Jiuzi Holdings, Inc. Enters into an Equity Acquisition Agreement to Acquire Automobile Sales Serviceshop Operator Under Top China Automaker Geely Auto’s Premium Electronic Vehicle Brand Geometry

HANGZHOU, China, April 26, 2022 /PRNewswire/ — Jiuzi Holdings, Inc. (NASDAQ: JZXN; the “Company”), a new energy vehicles franchisor and retailer under the brand name “Jiuzi” in China, today announced that, on April 11, 2022, the Company, through its subsidiary Hangzhou Jiuyao New Energy Automobile Technology Co. Ltd. (“Hangzhou Jiuyao”), has entered into an equity acquisition agreement (the “Agreement”) to acquire 72.05% equity interest in an automobile sales service shop operator, Huizhou Jiwo Automobile sales service Co. Ltd. (the “Target”), from Guangdong Huarui Automobile Sales Service Co., Ltd. (“Guangdong Huarui”), a subsidiary of a top China automaker Geely Auto Group, which produces the premium electric vehicle brand “Geometry.” jiuzi china battery swap

Geometry is Geely Auto Group’s independent pure electric vehicle (“EV”) 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’scommercial policies. The Target is the sole authorized dealer for Geometry EVs in Huizhou city, Guangdong province. It is also a repair center for vehicles participating in online hailing services, and provides integrated auto services such as EV sales and after-sale maintenance. The Target sold more than 1,000 units of EVs in 2021.

Mr. Shuibo Zhang, CEO of Jiuzi Holdings, Inc., commented: “This acquisition is an important strategic milestone for our Company. The addition of the high-end EV brand Geometry of Geely Auto Group furthers our multi-brand strategy and achieve another major advancement by upgrading our competitiveness and securing sustainable development in the future. It will also drive our continuous business growth in the new fiscal year. Furthermore, since Geometry could potentially achieve over 1,000 unit sales, we are confident that the model will contribute significantly to our annual sales in 2022. Notably, it also marks a meaningful step for our Company in penetrating the southern China market.”

“As competition becomes increasingly fierce in the new energy vehicle market, JZXN will continue to innovate, forge ahead, improve our competitive strength, and manifest our brand’s core value through forward-looking strategic planning, in order to build a first-class smart trading platform for new energy vehicles and to provide consumers with a premium green travel experience.”

Jiuzi Holdings, Inc. Reports Full Year 2021 Financial Results

HANGZHOU, China, March 15, 2022 /PRNewswire/ — Jiuzi Holdings, Inc. (NASDAQ: JZXN; the “Company”), a new energy vehicles franchisor and retailer under the brand name “Jiuzi” in China, today reports its fiscal year 2021 financial results ended October 31, 2021.

First-Half 2021 Highlights:

Net revenues increased by 16.15% or $1.33 million from $8.21 million for the fiscal year ended October 31, 2020 to $9.54 million for the fiscal year ended October 31, 2021.

Gross profit for new energy vehicle sales increased by 36.20% or $0.01 millionfrom $0.03 million for the fiscal year ended October 31, 2020 to $0.04 millionfor the fiscal year ended October 31, 2021.

Cash, cash equivalents and restricted cash was $7.37 million as of October 31, 2021, compared to $0.76 million as of October 31, 2020.

The Company source New Energy Vehicles, or NEVs, through more than twenty NEV manufacturers, including BYD, Geely and Chery, as well as battery/component manufacturers such as Beijing Zhongdian Boyu, Shenzhen Jishuchongke and Youbang Electronics, which focus on manufacturing charging piles, and Guoxuan Gaoke, and Futesi in battery production.

For fiscal years ended October 31,
($ millions, except per share data, differences due to rounding) 2021 2020 % Change
Net revenue $9.54 $8.21 16.15%
Selling, general and administrative expenses $3.31 $1.65 100.74%
Income from operations $1.32 $4.37 (69.87%)
Net income $0.78 $3.42 (77.27%)
Net income per share – Basic and Diluted $0.04 $0.23 (82.61%)

Mr. Shuibo Zhang, CEO of JZXN commented: “We are excited to announce results for another year of great success. Through our operating franchise stores and one company-owned store in China, we and our franchisee partners managed to maintain a high service standard and further refine our operating standards and marketing concepts together in 2021, which manifests the fundamental spirit of the “Jiuzi brand.”

“Despite the continued adverse impact of the COVID-19 pandemic, we were able to expand our revenue by 16.15% to $9.54 million, thanks to a series of business initiatives, such as the integration of new growth strategies and partnerships with industry peers. The Company is also developing a platform of customer and vehicle management system that is expected to launch next year to serve all our franchise stores and entire operation systems. We believe such measures will continue to establish a solid foundation as we keep expanding our scale of sales and business operation in China.”

Mr. Francis Zhang, Chief Financial Officer, commented, “We were able to deliver strong development momentum for fiscal year 2021 after our successful listing in the U.S. market. Although COVID-19 continues to have a lingering adverse impact on our business operation, we managed to grow net revenue from NEV sales by 262.24% to $1.44 million, franchise initial fees by 3.60% to $8.09 millionduring the past fiscal year, largely thanks to our growing talents, the increased number of automobile brands we cooperate with, and the gradually recovered NEV industry that has been generously subsidized by national and local favorable policies. Looking ahead, we plan to further improve our strong cash position by providing a multi-dimensional service platform and one-stop experience that cover both the online vehicle selection and purchases and offline vehicle delivery and maintenance. We are confident that the Company will continue to create sustainable value and great financial returns for our shareholders.”

Full-year 2021 Financial Results

Net Revenue

The following table lists the calculation methods of gross profit and gross profit margin of each type of revenue:

For the years ended October 31,
$ millions, differences due to rounding 2021 2020 Amount %
New energy vehicle sales
Net revenue $ 1.44 $ 0.40 1.04 262.24%
Cost of revenue 1.40 0.37 1.03 282.03%
Gross profit $ 0.04 $ 0.03 0.01 36.20%
Gross profit margin 3.03% 8.05% -5.02% -62.40%
Franchise initial fees
Net revenue $ 8.09 $ 7.81 0.28 3.60%
Cost of revenue 3.51 1.82 1.69 92.38%
Gross profit $ 4.58 $ 5.99 -1.40 -23.45%
Gross profit margin 56.64% 76.65% -20.01% -26.11%
Franchisees’ royalties
Net revenue $ –
Cost of revenue
Gross profit $ –
Gross profit margin
Total
Net revenue $ 9.54 $ 8.21 1.33 16.15%
Cost of revenue 4.91 2.91 2.72 124.11%
Gross profit $ 4.63 $ 6.02 -1.39 -23.13%
Gross profit margin 48.52% 73.32% -24.80% -33.82%

Our net revenues were $9.54 million for year ended October 31, 2021 as compared to $8.21 million in 2020, an increase of $1.33 million, or 16.15%. The increase was mostly due to the pandemic being effectively controlled in China, the increase in the initial franchise fee revenue, and the recovering NEVs sales market.

NEV sales include the sales of the NEVs in JZXN’s Shangli store and sales of NEVs to our franchisees. For the year ended October 31, 2021, our NEV sales increased by $1.04 million, or 262.24%, from $0.40 million for the year ended October 31, 2020 to $1.44 million for the year ended October 31, 2021. In addition to the above mentioned reasons, the increase was due to the fact that after our listing, the strength of the Company has been further enhanced, our talent team has been growing, and the number of automobile brands we cooperate with has gradually increased.

Cost of revenue was $1.40 million for the year ended October 31, 2021, an increase of $1.03 million or 282.03%, from $0.37 for the year ended October 31, 2020. The increase of cost of revenue was resulted from the growth in sales of new energy vehicles.

Gross profit and gross profit margin were $0.04 million and 3.03% for the year ended October 31, 2021 as compared to $0.03 million and 8.05% in 2020, respectively. The decrease of gross profit margin was resulted from the price increase of NEVs by suppliers to make up for the losses caused by the pandemic. In order to accelerate the expansion of the market, we did not increase the price synchronously, thus resulting in a relatively lower gross margin.

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The initial franchise fee revenue increased by $0.28 million or 3.60% from $7.81million for the year ended October 31, 2020 to $8.09 for the year ended October 31, 2021. As of October 31, 2021 and 2020, we have entered into franchise agreements with 87 and 60 franchisees, respectively. The increase was mostly attributed to people’s increasing interest in investment and consumption of NEVs, and that the NEV sector has renewed investor interest as we gather more attention from investors. As of October 31, 2021, we have entered into franchise agreements with 87 franchisees.

Cost of revenue was $3.51 million for the year ended October 31, 2021, an increase of $1.69 million or 92.38% from $1.82 million for the year ended October 31, 2020. The increase was due to an increase in the number of our franchise stores.

Gross profit and gross profit margin were $4.58 million and 56.64% for the year ended October 31, 2021, as compared to $5.99 million and 76.65% in 2020, respectively. Such change was the result of a combination of the changes as discussed above.

We may collect franchisees’ royalties based on the 10% of net income from our franchisees. As of October 31, 2021, we did not generate any revenues through franchisees’ royalties as our franchisees have not started to generate net income for the period.

Selling, general and administrative expenses

We incurred selling, general, and administrative expenses of $3.31 million for the year ended October 31, 2021, as compared to $1.65 million for the year ended October 31, 2020, an increase of $1.66 million, or 100.74%. The increase is due to the increase in paid salaries, conference fees, travel and advertising expenses after we went public, as well as subscription to executive insurance and newly rented office space.

Interest Expenses

Interest charges and bank charges are mainly from bank transfer charges and deposit interest offset. Interest expense as of October 31, 2021 and 2020 were approximately –$5,734 and $3,490, respectively.

Provision for Income Taxes

Provision for income tax was $0.55 million during the year ended October 31, 2021, a decrease of $0.43 million or 44%, as compared to $0.97 million for the year ended October 31, 2020. The decrease was mainly due to the decrease in income before income tax provision, which was $1.32 million for the year ended October 31, 2021 as compared to $4.40 million for the year ended October 31, 2020.

Net Income

Our net income decreased by $2.65 million or 77.27%, to $0.78 million for the year ended October 31, 2021, from $3.42 million for the year ended October 31, 2020. Such change was the result of the combination of the changes as discussed above.

Basic and diluted earnings (loss) per share

Basic and diluted earnings per share was $0.04 for the year ended October 31, 2021, compared to basic and diluted earnings per share of $0.23 in 2020.

Cash and cash equivalents

As of October 31, 2021, the Company had cash, cash equivalents and restricted cash of $7.37 million, compared to $0.76 million as of October 31, 2020.

NEWS

  • PR Newswire21 days ago

    Jiuzi Holdings, Inc. Expands “ToB” Business and Launches New Subsidiary, Jiuyao

    Jiuzi Holdings, Inc. (NASDAQ: JZXN; the “Company”), a leading new energy vehicles (NEVs) franchisor and retailer under the brand name “Jiuzi” in China, today announced that its subsidiary, Hangzhou Jiuyao New Energy Automobile Technology Co. Ltd. (“Jiuyao”), an NEV procurement platform servicing business customers, has officially launched its operations.

  • PR Newswirelast month

    Jiuzi Holdings, Inc. Enters into Strategic Cooperation Agreement with Chinese EV Brand Distributor Anji Chuangxing

    Jiuzi Holdings, Inc. (NASDAQ: JZXN; the “Company”), a new energy vehicles franchisor and retailer under the brand name “Jiuzi” in China, today announced that, on April 30, 2022, the Company, through its wholly-owned subsidiary Hangzhou Zhitongche Technology Co., Ltd. (“Zhitongche”), has entered into an one-year strategic cooperation agreement (the “Agreement”) with Anji Chuangxing New Energy Auto Sales Co. Ltd. (“Anji Chuangxing”), a Chinese car distributor of Anji Changyou Auto Service Co. Ltd.

  • PR Newswire2 months ago

    Jiuzi Holdings, Inc. Enters into an Equity Acquisition Agreement to Acquire Automobile Sales Serviceshop Operator Under Top China Automaker Geely Auto’s Premium Electronic Vehicle Brand Geometry

    Jiuzi Holdings, Inc. (NASDAQ: JZXN; the “Company”), a new energy vehicles franchisor and retailer under the brand name “Jiuzi” in China, today announced that, on April 11, 2022, the Company, through its subsidiary Hangzhou Jiuyao New Energy Automobile Technology Co. Ltd. (“Hangzhou Jiuyao”), has entered into an equity acquisition agreement (the “Agreement”) to acquire 72.05% equity interest in an automobile sales service shop operator, Huizhou Jiwo Automobile sales service Co. Ltd. (the “Target”

  • PR Newswire3 months ago

    Jiuzi Holdings, Inc. Signs Strategic Cooperation Agreement with Skywell Automobile, the Manufacturer of Leading Chinese Electric Vehicle Skyworth

    Jiuzi Holdings, Inc. (NASDAQ: JZXN; the “Company”), a new energy vehicles franchisor and retailer under the brand name “Jiuzi” in China, today announced that, on March 16, 2022, the Company, through its wholly-owned subsidiary, Zhejiang Jiuzi New Energy Vehicles Co., Ltd. (“Zhejiang Jiuzi”), has entered into an one-year strategic cooperation agreement (the “Agreement”) with Jiangsu Skywell Automobile Co., Ltd. (“Skywell”), the manufacturer of Skyworth, a leading Chinese electric vehicle.

  • PR Newswire3 months ago

    Jiuzi Holdings, Inc. Reports Full Year 2021 Financial Results

    Jiuzi Holdings, Inc. (NASDAQ: JZXN; the “Company”), a new energy vehicles franchisor and retailer under the brand name “Jiuzi” in China, today reports its fiscal year 2021 financial results ended October 31, 2021.

  • PR Newswire4 months ago

    Jiuzi Holdings, Inc. Signs Strategic Cooperation Agreement with Leading Electric Vehicle Manufacturer in China

    Jiuzi Holdings, Inc. (NASDAQ: JZXN; the “Company”), a new energy vehicles franchisor and retailer under the brand name “Jiuzi” in China, today announced that, on January 6, 2021, the Company, through its wholly-owned subsidiary, Zhejiang Jiuzi New Energy Vehicles Co., Ltd. (“Zhejiang Jiuzi”), has entered into an one-year strategic cooperation agreement (the “Agreement”) with Jiangsu Jemmell New Energy Vehicle Industry Co., Ltd. (“Jemmell”), a leading Chinese electric vehicle maker and battery as

  • PR Newswire3 months ago

    Jiuzi Holdings, Inc. Signs Strategic Cooperation Agreement with Skywell Automobile, the Manufacturer of Leading Chinese Electric Vehicle Skyworth

    Jiuzi Holdings, Inc. (NASDAQ: JZXN; the “Company”), a new energy vehicles franchisor and retailer under the brand name “Jiuzi” in China, today announced that, on March 16, 2022, the Company, through its wholly-owned subsidiary, Zhejiang Jiuzi New Energy Vehicles Co., Ltd. (“Zhejiang Jiuzi”), has entered into an one-year strategic cooperation agreement (the “Agreement”) with Jiangsu Skywell Automobile Co., Ltd. (“Skywell”), the manufacturer of Skyworth, a leading Chinese electric vehicle.

  • PR Newswire3 months ago

    Jiuzi Holdings, Inc. Reports Full Year 2021 Financial Results

    Jiuzi Holdings, Inc. (NASDAQ: JZXN; the “Company”), a new energy vehicles franchisor and retailer under the brand name “Jiuzi” in China, today reports its fiscal year 2021 financial results ended October 31, 2021.

  • Benzinga4 months ago

    Jiuzi Inks One-Year Strategic Cooperation Deal With Chinese EV Manufacturer Jemmell

    Jiuzi Holdings Inc (NASDAQ: JZXN) disclosed that its subsidiary Zhejiang Jiuzi has recently entered into a one-year strategic cooperation agreement with Jiangsu Jemmell New Energy Vehicle Industry Co Ltd., a Chinese electric vehicle maker, and battery assembler. Zhejiang Jiuzi has received a non-exclusive right to sell the “LINGBOX” series of electric vehicles produced by Jemmell during 2022-2023. Zhejiang Jiuzi plans to purchase up to 5,000 vehicles from both mass-production models and customiz

  • PR Newswire4 months ago

    Jiuzi Holdings, Inc. Signs Strategic Cooperation Agreement with Leading Electric Vehicle Manufacturer in China

    Jiuzi Holdings, Inc. (NASDAQ: JZXN; the “Company”), a new energy vehicles franchisor and retailer under the brand name “Jiuzi” in China, today announced that, on January 6, 2021, the Company, through its wholly-owned subsidiary, Zhejiang Jiuzi New Energy Vehicles Co., Ltd. (“Zhejiang Jiuzi”), has entered into an one-year strategic cooperation agreement (the “Agreement”) with Jiangsu Jemmell New Energy Vehicle Industry Co., Ltd. (“Jemmell”), a leading Chinese electric vehicle maker and battery as

  • PR Newswire4 months ago

    Jiuzi Holdings, Inc. Signs Strategic Cooperation Agreement with Distributor of Zhejiang Geely New Energy Commercial Vehicle Group

    Jiuzi Holdings, Inc. (NASDAQ:JZXN; the “Company”), a new energy vehicles franchisor and retailer under the brand name “Jiuzi” in China, today announced that, on December 25, 2021, the Company, through its wholly-owned subsidiary, Zhejiang Jiuzi New Energy Vehicles Co., Ltd. (“Zhejiang Jiuzi”), has entered into a two-year strategic cooperation agreement (the “Agreement”) with Zhejiang Farizon Zhitong Technology Co. Ltd. (“Farizon Zhitong”). Farison Zhitong is a domestic new energy commercial vehi

  • PR Newswire5 months ago

    Jiuzi Holdings, Inc. Awarded the “2021 Annual Industry Leading Enterprise” by the 5th Boao Enterprise Asian Economy Forum

    Jiuzi Holdings, Inc. (NASDAQ:JZXN; the “Company”; “Jiuzi New Energy”), a new energy vehicles franchisor and retailer under the brand name “Jiuzi” in China, today announced that its wholly-owned subsidiary, Zhejiang Jiuzi New Energy Vehicles Co., Ltd. (“Zhejiang Jiuzi”), has won the “2021 Annual Industry Leading Enterprise” Award during the 5th Boao Enterprise Forum held between January 8-9, 2022 in Hainan, China. Zhejiang Jiuzi has been recognized for its outstanding brand influence and strong b

  • PR Newswire5 months ago

MANAGEMENT

Shuibo Zhang – Chief Executive Officer and Chairman of the Board
Mr. Zhang has been our Chief Executive Officer and Chairman of the Board of Directors since our incorporation. He has served as Chairman of the Board for Zhejiang Jiuzi New Energy Vehicle Co., Ltd. since May 2017. From April 2016 to May 2017, Mr. Zhang had served as Chairman of the Board for Shandong Ruixing New Energy Vehicles Company Limited. Mr. Zhang was an active investor in several emerging companies in China, such as Manhattan Restaurant Chain Company, Anhui Hengshenguang Electronics Technology Company, and Shandong Caozhou Culture Media Company in 2014 to 2015. He also serves as the Vice President of Shandong Chamber of Commerce.
Francis Zhang – Chief Financial Officer
Mr. Zhang has been our Chief Financial Officer since August 2020. He was the Executive Director of Shanghai Qianzhe Consulting Co., Ltd and was mainly responsible for overseas M&A projects, and follow-on investments and management of newly formed financial holding groups. Prior to that, he served as the Deputy General Manager of Tebon Innovation Capital Co., Ltd and was responsible for its business development and asset management. From May 2012 to May 2013, he was the Senior Manager of the Investment Department at Sanhua Holding Group, during which he was in charge of overseas M&A projects, new financial investments, and post-investment management. From May 2010 through May 2012, Mr. Zhang was the Investment & Asset Management Supervisor at China Calxon Group Co., Ltd.’s Capital Management Centre. He handled private placement of newly listed companies, took charge of other capital market financing access, and reviewed and appraised operating investment projects. Prior to that, he served as the Assistant Manager of the Investment Banking Department of KPMG Advisory (China) Limited from August 2006 to May 2010. He engaged in several auditing and financial advisory projects, which included public-listed companies and IPO projects. Mr. Zhang earned an MBA degree from the University of Birmingham in 2005, his Master of Science in Finance with honors from Leeds Metropolitan University in 2004, and his bachelor’s degree in Economy from Zhejiang University of Technology in 2003.
Qi Zhang – Chief Operating Officer 
Mr. Zhang has served as our Chief Operating Officer since May 2020, and is mainly responsible for executing the Company’s strategic plans, expanding the Company’s partnerships, strategic resource scheduling and matching, and implementing solutions for franchisees. From May 2017 to May 2020, he served as assistant to the chairman of Zhejiang Jiuzi New Energy Vehicle Co., Ltd., and strategic director of the public relations department, responsible for marketing development. From May 2015 to April 2016, Mr. Zhang worked at Heze College and One Model Education and Training Co., Ltd. as a corporate training project manager, responsible for assisting in the formulation and implementation of corporate consulting programs for over twenty companies in the automotive industry, real estate industry and wine travel industry. Mr. Zhang graduated with a bachelor’s degree in psychology from Heze College in 2016.
Kezhen Li – Director 
Ms. Li has served as our Director since November 2019 and has been the financial controller and a member of the board of directors of Zhejiang Jiuzi New Energy Vehicle Co., Ltd. since March 2019. From November 2017 to February 2019, she served as deputy general manager and financial controller of Hangzhou Jiandu Environmental Engineering Co., Ltd. From November 2011 to October 2017, she served as chief financial officer of Ningbo Tashan Cultural Industry and deputy general manager of Hangzhou Branch. Ms. Li was at the Weifang Branch of Bank of Communications from January 1996 to October 2011, serving as section chief and deputy general manager of the Information Technology Department, deputy general manager of the Personal Financial Business Department, director of the Financial Management Center, and president of Yuhe Road Sub-branch. She also worked at the Weifang Huaguang Group Phototypesetting Institute and Phototypesetting Equipment Factory from July 1988 to December 1995. Ms. Li graduated with a bachelor of science degree from the Department of Mathematics at Shandong University in 1988.
Richard Chen – Independent Director, Chair of Audit Committee
Mr. Chen served as the Chief Financial Officer of Fuqin Fintech Limited from February 2017 to January 2020. He was the partner of CLC LLP in USA from 2015 to 2017 and from 2020 onward. From 2008 to January 2015, Mr. Chen was the Senior Manager at Deloitte Touche Tohmatsu Certified Public Accountants LLP, Beijing office, where he was involved in many Chinese companies’ U.S. IPO processes. From 2003 to 2008, he was the Senior Tax Consultant at Grant Thornton LLP, Los Angeles office. Mr. Chen graduated from University of California Riverside with his bachelor’s degree in Business Economics in 2003.
Junjun Ge – Independent Director, Chair of Compensation Committee
Mr. Ge has been the managing partner of Jiangsu Junjin law firm since December 2016 and the legal adviser of many listed companies, private investment funds and real estate enterprises in China. Mr. Ge has provided extensive legal services in the capital market, including private equity investments for start-ups, private placements, public offerings in China and abroad, corporate bond issuance for a number of overseas listed companies, securities compliance of listed companies, mergers and acquisitions, and overall legal services of real estate group projects. He has also acted as the legal adviser for domestic well-known private equity investment funds. Mr. Ge’s professional ability and professionalism are well received by clients. From 2005 to December 2016, Mr. Ge worked as an associate attorney in Jiangsu BeiSiTe Law Firm. In 2011, he was rated as one of the top ten lawyers in Wuxi City, Jiangsu Province. He served as a consultant to several government agencies such as Wuxi Municipal Government and Wuxi Binhu District Government. Mr. Ge graduated from Jiangsu University with Bachelor of Laws degree in 2005.
Jehn Ming Lim – Independent Director, Chair of Nomination Committee
Mr. Lim has over 15 years’ experience in providing financial accounting and advisory services to public and private companies in the United States. He has been the Chief Financial Officer of Kandi Technologies, Corp. since May 2020. Prior to that, he served as the Chief Financial Officer of Takung Art Co., Ltd. from February 2019 to May 2020. From January 2013 to February 2019, he was the Managing Director of a U.S.-based financial consulting firm, Albeck Financial Services, and was mainly responsible for overseeing SEC reporting, GAAP technical consultation, financial statement audit preparation, due diligence and internal controls compliance services. He has overseen and completed more than 10 public listing applications for U.S. listed companies in China (through Forms S-1 and F-1, SPAC and Form 10 reverse merger transactions), and managed multiple projects for U.S. GAAP consulting, SOX 404, pre-audit process, SEC financial reporting, development of financial forecasting models, and due diligence for IPO and M&A transactions. He also has extensive experience in auditing private and public companies in his stints as audit manager and senior auditor of two regional accounting firms in the United States from October 2008 through December 2012 and from September 2006 through October 2008, respectively and as an auditor at Ernst & Young in the United States from September 2004 through to July 2006. Mr. Lim graduated with High Honors from the University of California, Santa Barbara, with a Bachelor of Arts degree in Business Economics.

Sincerely,

The Viral Stocks Team

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