On June 16, 2020, Bitauto Holdings Limited enters into an agreement and plan of merger with Tencent Holdings Limited on June 12, 2020, pursuant to which the Company will be acquired by an investor consortium led by the Buyer Consortium in an all-cash transaction. The Company stated that pursuant to the merger agreement, at the effective time of the merger, each ordinary share of the Company issued and outstanding immediately prior to the effective time will be cancelled and cease to exist in exchange for the right to receive US$16 in cash without interest, and each outstanding ADS of the Company (each representing one Share) will be cancelled in exchange for the right to receive US$16 in cash without interest, except for (a) certain Ordinary Shares (including Ordinary Shares represented by ADSs) owned by affiliates of Tencent.