Cheche Group Inc (CCG) News & EventsCCGCheche Group Inc

Cheche Announces 35-for-1 Share Consolidation

Cheche announced that it will effect a 35-for-1 share consolidation of its Class A ordinary shares and Class B ordinary shares. The share consolidation was approved by the company's shareholders at the extraordinary general meeting duly convened and held on June 12 Beijing time. Pursuant to the shareholders' approval and the authority granted thereunder, the company has determined that the share consolidation is expected to become effective as of the opening of business on July 20, U.S. Eastern time, subject to Nasdaq's processing and the completion of the remaining administrative procedures. The share consolidation is intended to enable the company to regain compliance with Nasdaq's minimum bid price requirement.

Cheche Group Signs Strategic Cooperation Agreement with Volkswagen Digital Sales

Cheche Group (CCG), Volkswagen Digital Sales and Services Co., or DSSO, Beijing Cardif Airstar Insurance signed a strategic cooperation agreement to collaborate to develop digital insurance services for Volkswagen owners and expand into areas such as intelligent pricing, intelligent-driving insurance, and non-auto insurance. The partnership aims to establish a digital financial and insurance service system covering the full lifecycle of electric vehicle ownership. DSSO is a wholly owned subsidiary of Volkswagen China Investment and an enterprise within Volkswagen Group's (VWAGY) Intelligent Electric Vehicle Center in Hefei. Cardif Airstar Insurance is a Sino-foreign joint venture property and casualty insurer, with BNP Paribas Cardif, Volkswagen Financial Services Overseas AG and Xiaomi Corporation as its shareholders. Cheche provides insurance services and digital platforms for DSSO. Volkswagen owners will access services through a unified digital entry point within the automaker's app across electric vehicle purchase, usage, insurance, and financial service scenarios. Cardif Airstar Insurance will provide insurance product design and underwriting services, while Cheche will deliver one-stop digital solutions through its embedded insurance SaaS system.

Cheche Group Receives Nasdaq Compliance Notification

Cheche Group announced that it received a notification letter, dated January 12, from the Listing Qualifications Department of The Nasdaq Stock Market, indicating that the Company is no longer in compliance with the minimum bid price requirement set forth in Rule 5550 of the Nasdaq Listing Rules as the Company's closing bid price per Class A ordinary share, par value $0.00001 per share, has been below $1.00 for a period of 30 consecutive business days. The Notification Letter does not result in the immediate delisting of the Company's securities. The Company would like to clarify that the Notification Letter has no current effect on the listing or trading of the Company's securities on Nasdaq. Pursuant to Rule 5810 of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until July 13, to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per Class A ordinary share is at least US$1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.