Wei Wen, Chairman and Chief Executive Officer of TuanChe made a preliminary non-binding proposal letter to acquire TuanChe Limited (NasdaqCM:TC) on January 21, 2021. Wei Wen will acquire all of the outstanding ordinary shares including Shares represented by American depositary shares (the ?ADSs,? each representing sixteen (16) Class A ordinary shares), for a purchase price of $4.25 per ADS in cash in a going private transaction. Wei Wen intend to finance the transaction with a combination of debt and equity capital. The transaction is subject to finance the acquisition with debt and/or equity capital, Due Diligence and Definitive agreements. The Board intends to form a special committee consisting of independent and disinterested directors to consider the proposal. The Board expects that the special committee will retain independent advisors, including independent financial and legal advisors, to assist it in this process. As on November 12, 2021, Wei Wen, decided to withdraw the non-binding going private proposal. DLA Piper acted as legal advisor and Huatai United Securities Co., Ltd acted as financial advisor to Wei Wen.