 BEIJING, Aug. 26, 2021 GLOBE NEWSWIRE -- Kaixin Auto Holdings Kaixin or the Company NASDAQ: KXIN today announced that the Company has reached a binding term sheet to acquire 100 equity of Henan Yujie Times Automobile Co., Ltd. Yujie through new share issuance. Yujie is a leading Chinese electronic vehicles EV manufacturer specialized in small size multi-function EVs. The contemplated deal would be the first major MA transaction following the establishment of Kaixins New Energy Vehicle Unit. It marks Kaixins official entry into Chinas small size EV market, which is forecasted to reach a 10 million vehicles scale over the next 5 years according to Yujie. 