BEIJING, Oct. 23, 2020 /PRNewswire/ -- Bitauto
Holdings Limited ("Bitauto" or the "Company") (NYSE: BITA), a
leading provider of internet content & marketing services, and
transaction services for China's
automotive industry, today announced that at an extraordinary
general meeting held today, the Company's shareholders voted in
favor of (i) the proposal to authorize and approve the previously
announced agreement and plan of merger, dated as of June 12, 2020 (the "Merger Agreement"), by the
Company, Yiche Holding Limited ("Parent"), and Yiche Mergersub
Limited ("Merger Sub"), pursuant to which Merger Sub will merge
with and into the Company, with the Company continuing as the
surviving company and becoming a wholly owned subsidiary of the
Parent (the "Merger"), (ii) the plan of merger required to be filed
with the Registrar of Companies of the Cayman Islands (the "Plan of Merger"), and
(iii) the consummation of the transactions contemplated by the
Merger Agreement and the Plan of Merger, including the Merger.
Approximately 88.9% of the Company's total ordinary shares
outstanding as of the close of business in the Cayman Islands on the share record date of
October 9, 2020 voted in person or by
proxy at the extraordinary general meeting. Each shareholder has
one vote for each ordinary share.
Of the ordinary shares voted at the meeting, approximately 99.9%
voted in favor of the Merger Agreement, the Plan of Merger and the
transactions contemplated thereby, including the Merger.
Completion of the Merger is subject to the satisfaction or
waiver of the closing conditions set forth in the Merger Agreement.
The Company will work with the other parties to the Merger
Agreement towards satisfying the closing conditions and complete
the Merger in a timely manner. If and when completed, the Company
will become a private company and its American depositary shares will no longer be listed or traded on
any stock exchange.
About Bitauto Holdings Limited
Bitauto Holdings Limited (NYSE: BITA) is a leading provider of
internet content & marketing services, and transaction services
for China's automotive industry.
Bitauto's business consists of three segments: advertising and
subscription business, transaction services business and digital
marketing solutions business.
Bitauto's advertising and subscription business provides a
variety of advertising services to automakers through the
bitauto.com website and corresponding mobile apps which provide
consumers with up-to-date automobile pricing and promotional
information, specifications, reviews and consumer feedback. Bitauto
also provides transaction-focused online advertisements and
services for promotional activities to its business partners,
including automakers, automobile dealers, auto finance partners and
insurance companies. Bitauto offers subscription services via its
SaaS platform, which provides web-based and mobile-based integrated
digital marketing solutions to new car automobile dealers in
China. The SaaS platform enables
automobile dealer subscribers to create their own online showrooms,
list pricing and promotional information, provide automobile dealer
contact information, place advertisements and manage customer
relationships to help them reach a broad set of purchase-minded
customers and effectively market their automobiles to consumers
online.
Bitauto's transaction services business is primarily conducted
by its controlled subsidiary, Yixin Group Limited (SEHK: 2858), a
leading online automobile finance transaction platform in
China, which provides transaction
platform services as well as self-operated financing services.
Bitauto's digital marketing solutions business provides
automakers with one-stop digital marketing solutions, including
website creation and maintenance, online public relations, online
marketing campaigns, advertising agent services, big data
applications and digital image creation.
For more information, please visit ir.bitauto.com.
Safe Harbor Statement
This press release contains statements that express the
Company's current opinions, expectations, beliefs, plans,
objectives, assumptions or projections regarding future events or
future results and therefore are, or may be deemed to be,
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 (the "Act"). These
forward-looking statements can be identified by terminology such as
"if," "will," "expected" and similar statements. Forward-looking
statements involve inherent risks, uncertainties and assumptions.
Risks, uncertainties and assumptions include: uncertainties as to
how the Company's shareholders will vote at the meeting of
shareholders; the possibility that competing offers will be made;
the possibility that financing may not be available; the
possibility that various closing conditions for the transaction may
not be satisfied or waived; and other risks and uncertainties
discussed in documents filed with the SEC by the Company, as well
as the Schedule 13E-3 transaction statement and the proxy statement
filed by the Company. These forward-looking statements reflect the
Company's expectations as of the date of this press release. You
should not rely upon these forward-looking statements as
predictions of future events. The Company does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
For more information, please contact:
Suki Li
Bitauto Holdings Limited
Phone: +86-10-6849-2145
ir@bitauto.com
Philip Lisio
Foote Group
Phone: +86-10-8429-9544
bitauto@thefootegroup.com
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SOURCE Bitauto Holdings Limited