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Tuesday, May 30, 2023

Why did Jiuzi Holdings, Inc. (JZXN) stock rally in intraday trading today?

Jiuzi Holdings, Inc. (JZXN) stock signed a strategic cooperation agreement with Shaanxi Tongjia Auto Co., Ltd after which it became bullish today. JZXN stock price saw a push of 10.58% to reach $2.71 a share as of this writing. The trading volume as of now was 3,264,915, considerably higher than the average volume. Let’s dig in to explore recent events of this stock.

What’s Happening?

JZXN stock today announced that it has signed the strategic cooperation agreement with Shaanxi Tongjia Auto Co., which is an established brand of Shaanxi Automobile Group Co., Ltd. Under the agreement, JZXN stock will receive 2000 new energy vehicles from Tongjia which also include the best-selling electric delivery vehicle, Electric OX II. The company will sell these vehicles via its retail stores throughout 2021 and 2022.

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Initially Jiuzi stock will provide RMB20 million loan to authorized dealers of Tongjia for working capital via its wholly owned subsidiary Hangzhou Zhitongche Technology Co., Ltd. The loan will increase gradually based on actual operations. Both companies will jointly strive to meet the needs of customers in the emerging new energy vehicles industry in China.

Financial View of JZXN stock:

On August 05, 2021, JZXN stock announced first half ended April 30, 2021, financial results according to which

  • Jiuzi stock generated $3.33 million in total net revenue in the first half of 2021. This represents an extraordinary increase of 260.88% from $1.28 million in the same tenure of the previous year.
  • Gross profit increased to $3.12 million in the reported tenure from $0.49 million in the same half of the previous year. The gross margin for the Jiuzi stock was 67.75% as compared to 38.05% in the same period of 2020.
  • Jiuzi stock reported $1.86 million income from operations as compared to $0.04 million loss from operations in the previous year’s same period.
  • Net income reached $1.34 million as compared to a $0.03 million net loss in the same period of 2020.
  • By the end of April 2021, JZXN stock had $0.67 million in cash and cash equivalents. The stock had $0.11 million in cash and cash equivalents as of April 30, 2020.

Wrap Up:

The recent strategic cooperation agreement between Jiuzi and Tongjia will create a positive impact for both parties in the new energy vehicle industry. From an investment perspective, detailed research is necessary before making any decision.

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