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YIXIN GROUP LIMITED
(incorporated in the Cayman Islands with limited liability and
carrying on business in Hong Kong as "Yixin Automotive Technology Group Limited")
(Stock Code: 2858)
UNAUDITED BUSINESS UPDATE ON THE 2021 FIRST QUARTER
This announcement is issued pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).
The board (the "Board") of directors (the "Directors") of Yixin Group Limited 易鑫集團有限 公司(the "Company" and together with its subsidiaries and consolidated affiliated entities, the "Group") is pleased to announce certain business update and the unaudited operational information of the Group (the "Business Update") for the first quarter ended 31 March 2021 (the "2021 First Quarter").
According to data from China Association of Automobile Manufacturers and China Automobile Dealers Association, China's total sales of new and used passenger vehicle during the 2021 First Quarter increased significantly by approximately 85% year-on-year. Such growth is partly due to the industry slump in the first quarter of 2020 caused by the outbreak of COVID-19 pandemic, as well as the post-epidemic rebound in demand.
The Group strives to keep pace with the auto industry development and tap into the need of auto finance, our total financed automobile transactions, including new and used, for the 2021 First Quarter, were approximately 119,000, representing a year-on-year increase of approximately 129%, compared to that of 52,000 for the first quarter of 2020. The after-market business has a steady and healthy growth since it started in the second half of 2020. The Group has facilitated 62,000 after-market transactions during the 2021 First Quarter, with 9% growth in penetration rate from 56% for the fourth quarter of 2020 to 61% for the 2021 First Quarter.