Merger worth $454m between Kaixin Auto Group and CM Seven Star.

Merger worth $454m between Kaixin Auto Group, a leading premium used car dealership network in China, and CM Seven Star, a blank check company formed for the purpose of entering into a business combination with one or more businesses. Pursuant to the share exchange agreement, Renren, Kaixin’s corporate parent will sell 100% of Kaixin’s equity holdings. Mr. Sing Wang, CEO and Director of CM7Star, said, “This transaction represents an excellent conclusion to our strategic review process. The Chinese used car sales market is in its infancy and is quickly accelerating with enormous growth potential. Kaixin Auto Group, with its robust business model, is a leading player in the high-quality premium segment with a seasoned management team and proven track record of innovation and execution. We are excited about Kaixin’s forward growth trajectory and believe this transaction delivers excellent value to our shareholders.”