Jiuzi Holdings, Inc. (NASDAQ: JZXN) is a Hangzhou, China-based franchiser and retailer of new energy vehicles (NEVs) across third and fourth tier cities in the country. Shares of the electric vehicle retailer are rallying 18% through early trading on Thursday, October 14, 2021. Over the past three months, Jiuzi has seen average daily volume of 1.07 million shares. However, volume of 8.87 million shares or dollar volume of $22 million, has already exchanged hands through early trading on Thursday.
Shares of Jiuzi Holdings are gaining after the company announced that the Jiuzi Southern China Operation Center has officially begun operations as of September 29, 2021. The new operations facility comes as the company aims to expand its market share in the Southern part of China. Management sees the benefits of the new facility expand beyond just market share opportunity. The company believes the new facility will assist with operations and financial efforts.
As a part of the new expansion, Jiuzi has entered into a strategic cooperation agreement with Nanning Huangyang Automobile Sales Limited, a leading alternative energy vehicle distributor in the Guangxi Province. Under the agreement, Nanning Huangyang will sell Jiuzi’s vehicles through its distribution channels in South China.
Mr. Shuibo Zhang, CEO, Director and Chairman of Jiuzi Holdings, Inc., commented: “We are very excited about the establishment of Jiuzi Southern China, which is one of the most important strategic moves in Jiuzi’s business blueprint. Since our debut on Nasdaq market in May 2021, we have been steadily operating our legacy business and effectively growing our geographic and market footprint. We have seen greater acceptance to the new energy vehicles in China market in recent years. JZXN will continually expand our strategic layout within China to meet the growing demands in this area and obtain long term return for our investors.”
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