#China #Beijing #Autozi #Qirun #Consulting Firms

Autozi Internet Technology Waives IPO Lock-Up Restrictions

On November 29, 2024, Autozi Internet Technology (Global) Ltd. officially announced significant developments related to its controlling shareholder, Qirun Investment Co., Ltd. This decision marks a strategic move in the company’s ongoing efforts to expand its footprint in the automotive service industry.

Qirun, which is wholly owned by Dr. Houqi Zhang, Autozi's founder and CEO, has entered agreements to transfer a total of 2.8 million shares of the company’s common stock. Specifically, this includes the transfer of 2,000,000 shares to Leisure Stream Limited and an additional 800,000 shares to CG Summit Inc. These transactions serve as compensation for strategic consulting services provided to Qirun, effectively positioning Autozi for future growth and market penetration, especially in North America.

In a bid to facilitate these transfers, Kingswood Capital Partners, LLC, the underwriter for Autozi's recent initial public offering (IPO), has waived the lock-up restriction on the 2.8 million shares held by Qirun. This restriction will be lifted effective December 3, 2024, allowing for the much-anticipated share transfers. Concurrently, Leisure Stream Limited and CG Summit Inc. are expected to sign lock-up agreements with Kingswood, which will prevent them from selling or transferring their newly acquired shares for a period of six months, effectively stabilizing the stock market activities surrounding Autozi.

Dr. Zhang emphasized the importance of these partnerships, stating that they represent a personal commitment to exploring new opportunities for Autozi. He expressed optimism about leveraging relationships with established consulting firms to foster potential growth avenues without affecting the company’s existing operations or financial health. This careful strategy aims to ensure sustained value creation for shareholders while also expanding Autozi’s capabilities and market presence on a global scale.

The consulting services provided by both parties will play a crucial role in Autozi's strategic shift. Leisure Stream Limited will facilitate essential financial analysis and market research specifically focused on the U.S. market. In contrast, CG Summit Inc. will take charge of business development initiatives, including identifying relevant connections within the U.S. auto parts supply chain and assisting in talent acquisition. Both agreements are designed to lay a solid foundation for Autozi's expansion ambitions, allowing the company to navigate the complexities of the North American market more effectively.

Autozi Internet Technology (Global) Ltd. has established itself as a significant player in the lifecycle automotive service sector in China. Founded in 2010, it provides a comprehensive array of automotive services, ranging from new vehicle sales to aftermarket parts and automotive insurance services. By integrating an online supply chain cloud platform and multiple-brand service outlets, Autozi has crafted a unique ecosystem focused on customer satisfaction throughout every stage of vehicle ownership.

As the automotive industry continues to evolve rapidly, Autozi's proactive moves to foster strategic partnerships and enhance its market capabilities could pave the way for successful entry and establishment in the North American market. Through targeted consulting efforts and strategic share transfers, Autozi aims to bolster its competitive position, further solidifying its reputation as a forward-thinking, innovative force in the automotive service landscape.

For further information on these developments, you can visit Autozi’s investor relations website.