Secoo Announces Private Equity-Led Equity Investment

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BEIJING, Aug. 19, 2022 (GLOBE NEWSWIRE) — Secoo Holding Limited (“Secoo” or the “Company”) (NASDAQ: SECO), Asia’s leading integrated online premium products and services platform, today announced that it has entered into share purchase agreements with each of Beijing’s management partners HCYK Corporation (“HCYK”) and Timing Capital Limited (“Temporary Capital”).

Pursuant to the share purchase agreements, HCYK will subscribe for 3,750,000 Class A common shares of the Company for an aggregate price of US$3 million, and Timing Capital will subscribe for 1,250,000 Class A common shares of the Company for a total price of US$1 million. . Closing of the transaction is subject to customary closing conditions, including the closing condition that HCYK obtain all required government approvals in China for its overseas direct investment in the Company.

“This large injection will provide Secoo with the capital needed to implement our strong growth initiatives,” said Mr. Richard Rixue Li, Chairman and CEO of Secoo. “The investment from HCYK and Timing Capital represents a strong vote of confidence in our position as the premier destination for luxury online shopping in China. We are excited to welcome new investors to be part of our next phase growth story. Additionally, we appreciate the continued support of existing investors as we move forward with the implementation of our near-term goals. »

About Secoo Holding Limited

Secoo Holding Limited (“Secoo”) is Asia’s leading integrated online premium products and services platform. Secoo offers customers a wide selection of genuine premium products and lifestyle services through the Company’s integrated online and offline shopping platform, which includes the Secoo.com website, mobile apps and offline experience centers, offering more than 420,000 SKUs, covering more than 3,800 global and domestic markets. brands. Backed by the company’s proprietary database of premium products, authentication procedures and brand cooperation, Secoo is able to guarantee the authenticity and quality of every product offered on its platform.

For more information, please visit http://ir.secoo.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, quotes from Secoo’s management and the company’s financial outlook. These forward-looking statements may be identified by words such as “will”, “estimate”, “project”, “predict”, “believe”, “expect”, “anticipate”, “intend”, ” potential”, “plan”. “, “objective” and similar declarations. Secoo Holding Limited may also make written or oral forward-looking statements in its periodic reports to the United States Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements. These forward-looking statements include, but are not limited to, statements about: the expected closing of the transaction in this announcement, the company’s objectives and strategies; its future business development, financial condition and results of operations; its ability to attract and retain new customers and increase revenue from repeat customers; its expectations regarding market demand and acceptance of its products and services; trends and competition in the Chinese e-commerce market; variations in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; Chinese government policies relating to the Company’s industry and general economic conditions in China. For additional information on these and other important factors that could adversely affect the Company’s business, financial condition, results of operations and prospects, please see its filings with the Securities and Exchange Commission the United States.

Secoo Holding Limited undertakes no obligation to update forward-looking statements except as required by applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and Secoo Holding Limited undertakes no obligation to update such information except as required by applicable law.

For investor and media inquiries, please contact:

In China:
Secoo Holding Limited
Jingbo Ma
Tel: +86 10 6588-0135
E-mail: [email protected]

Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: [email protected]

In the USA:
Piacente Group, Inc.
Brandi Piecente
Tel: +1-212-481-2050
E-mail: [email protected]

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