Technology

Persistent and Nagarro sign Business Combination Agreement to form the Persistent – Nagarro Group, a global leader in AI-led digital engineering

Published

2 months ago

June 27, 2026

Persistent announces the intention to launch a voluntary public takeover offer for all outstanding Nagarro shares at EUR 81 per shareAll-cash offer represents a highly attractive premium of ~140% to the undisturbed closing price on June 25, 2026, and ~94% to the three-month volume-weighted average priceNagarro’s Management and Supervisory Board support the transaction and intend to recommend acceptance of the Offer reflecting their strong shared conviction in the partnership’s strategic meritsPersistent has already secured an approximately 21% stake1 in Nagarro, with the largest shareholder of Nagarro committing its entire stake under a binding agreementIn addition, Nagarro Management Board members have declared their intention to accept the Offer and tender their shareholding into the OfferNagarro is a Munich-headquartered leader in digital engineering with ~18,500 employees across 40+ countries, deep roots in industrial, consumer, TMT and BFSI verticals and a total revenue of EUR 1 billion (CY25)Persistent and Nagarro are a perfect strategic fit, combining Persistent’s AI-led engineering leadership, North American scale and partnership depth with Nagarro’s European business, complementary verticals, AI expertise, and ERP and CX delivery, to create a ~USD 2.9 billion AI-led engineering powerhouse with 46,000+ employees across 40+ countriesOffer is subject to a minimum acceptance threshold of 50% plus one share of all outstanding Nagarro shares; launch of Offer to follow after approval of offer document by BaFinPersistent does not intend to enter into a domination and/or profit and loss transfer agreement (DPLTA) for a duration of two years after closingIn alignment with Nagarro’s Management Board, Persistent intends to pursue a delisting of Nagarro shares from the regulated market (Prime Standard) of the Frankfurt Stock Exchange as soon as practicable and legally feasible

1: excluding treasury shares

MUNICH and PUNE, India, June 27, 2026 /PRNewswire/ —

News Summary

Galaxy Germany Holding SE (the “Bidder”), a wholly-owned direct subsidiary of Persistent Systems Limited (together “Persistent”), today announced a voluntary public takeover offer for all outstanding shares in Nagarro SE (“Nagarro”) (the “Offer”) at a cash consideration of EUR 81 per share (the “Offer Price”). The Offer follows the signing of a Business Combination Agreement (“BCA”) between the Bidder, Persistent and Nagarro. Nagarro’s Management and Supervisory Board support the transaction and intend to recommend acceptance of the Offer to Nagarro shareholders, subject to their review of the offer document.

The Bidder has also entered into a fully binding share purchase agreement with Lantano Beteiligungen GmbH (“Lantano”), the investment vehicle of the largest shareholder of Nagarro, under which Lantano has agreed to sell its entire approximately 21% stake in Nagarro (excluding treasury shares) to the Bidder at the Offer Price. The share purchase agreement has been signed on the date hereof and is subject to customary regulatory approvals.

In addition, members of Nagarro’s Management Board have declared their intention to accept the Offer and tender their shareholding into the Offer.

The proposed combination is designed to create a scaled, globally diversified AI-led digital engineering and enterprise modernization powerhouse with at-scale presence in North America and Europe and meaningful Rest of the World exposure. The combined Persistent – Nagarro group would be better positioned to support multi-region enterprise clients requiring integrated AI, engineering, ERP / CX, data and cloud capabilities across local and global delivery models.

Quote from Dr. Anand Deshpande, Founder, Chairman and Managing Director, Persistent Systems
“At Persistent, we have always believed that great companies are built over decades, not quarters. They are built by talented people, a strong engineering culture, a willingness to innovate, and by earning clients’ trust every single day. Those principles have guided us since 1990. When we got to know Nagarro, what stood out was not just the quality of their business, but the similarity of their values. We saw the same respect for engineering, the same entrepreneurial spirit, and the same commitment to building lasting client relationships. That shared foundation gives us confidence that together we can create something even stronger. AI is reshaping our industry at an unprecedented pace. Success will belong to companies that combine deep technical capability with global reach, while continuing to attract, develop and inspire exceptional people. Together, Persistent and Nagarro will be better positioned to help our clients navigate this new era, create greater opportunities for our teams, and build an organisation that will endure for many years to come.”

Quote from Sandeep Kalra, Executive Director and Chief Executive Officer, Persistent Systems
“The next wave of enterprise transformation will be defined by AI, engineering excellence, and global scale. Bringing Nagarro and Persistent together is a defining milestone in our journey to build a global, engineering-led technology services leader. Nagarro is an exceptional strategic and cultural fit for Persistent, with shared values, complementary capabilities, and a common commitment to customer success. This combination strengthens our position in Europe, expands our scale in North America, and enhances our ability to help clients accelerate their AI and digital transformation journeys. Together, we are creating one of the industry’s leading AI-led, engineering-driven digital transformation companies, creating greater opportunities for our clients, our people, and all our stakeholders.”

Quote from Manas Human, Co-Founder and CEO, Nagarro
“Both Nagarro and Persistent have grown from humble beginnings into strong technology powerhouses with high-quality people and deep client relationships. Now, with the AI revolution, we are entering an era that will reward companies like ours that already have a digital-, data- and AI-DNA. It’s a moment of great opportunity, but it also needs scale and power to make the most of it. With the combined strengths of Persistent and Nagarro, we’ll be able to deliver the complex intelligence transformation programs that our clients are increasingly demanding – at scale, across industries, and across the world. I am excited because I believe that joining forces is a compelling step forward– for the clients, shareholders, and colleagues in both companies.”

Quote from Christian Bacherl, Chairman of the Supervisory Board, Nagarro
“Nagarro has been built over decades by exceptional people. In Persistent, we found a partner with shared values, convictions and complementary strengths: a business with genuine AI and Engineering capabilities, the scale to accelerate Nagarro’s ambitions, and a management culture that earns trust. The offer price represents a significant premium over the current share price adequately reflecting Nagarro’s value. The Supervisory Board supports this transaction with full conviction and will recommend acceptance of the offer subject to a review of the offer document.”

A compelling offer for all stakeholders

Persistent and Nagarro have the shared conviction that leading the next decade of AI-led digital engineering requires capabilities and local presence of a different order – and this combination accelerates exactly that, bringing together in a single transaction what would otherwise take decades to build organically.

Attractive premium. The offer price of EUR 81 per share represents a very attractive premium of ~140% to the undisturbed closing price on June 25, 2026, and ~94% to the three-month volume-weighted average price. Persistent believes this represents full and fair value for Nagarro shareholders. At the same time, the transaction is expected to be cash EPS accretive for Persistent shareholders in the first year of the transaction.A growth story for employees. The two businesses are highly complementary, creating a larger, more diversified platform with enhanced growth prospects. Employees on both sides would benefit from broader career opportunities, deeper exposure to state-of-the art technologies, global clients and participation in scaled transformation programs. Persistent operates on a culture that values its employees. Multiple awards establish its priority of creating a good workplace. The combination is all about growth. Accordingly, the BCA reflects strong commitments to employee matters, operations and management: Persistent does not intend to effect an amendment to, or a termination of, any existing shop agreements, collective bargaining agreements or similar agreements. Persistent also confirms its commitment to preserving leadership and culture of Nagarro.Stronger outcomes for clients. Persistent’s and Nagarro’s clients would gain access to the combined strength of AI-led engineering platforms and solutions; broader set of partnerships with Hyperscalers, ISVs and frontier labs, global delivery infrastructure at scale, deep enterprise operations, ERP and CX capabilities, strong North American and European presence and vertical expertise. The combined offering creates a single partner with end-to-end capability from AI ambition to measurable outcomes.

Persistent will fund the transaction with committed financing from Barclays. Upon consummation of the transaction, the leverage is expected to remain within conservative limits to meaningfully reduce over a 2-year period.

A transaction built on strategic logic

Persistent, recognised as the fastest-growing IT services brand globally in 2026, has built its business on deep technical expertise and outcome-driven delivery. With over 27,500 employees across 21 countries and 24 consecutive quarters of sequential revenue growth, Persistent has demonstrated consistent execution and the durability of its client relationships. Revenue in the last fiscal year reached ~USD 1.7 billion, representing 17.4% year-on-year growth. Persistent has been consistently recognized for best-in-class corporate governance, meeting the highest international standards of transparency and accountability.

Nagarro brings deep AI and digital engineering expertise across sectors, with approximately EUR 1 billion in CY2025 revenue. Nagarro also holds strong client relationships across Europe, including four of Europe’s top five automotive manufacturers. Its digital, ERP and CX capabilities across some of the continent’s most complex enterprise environments, and its local engineering culture embedded across 40 countries, were built through decades of sustained presence and quality.

The combination would deliver:

A global leader in AI-led digital engineering: ~USD 2.9 billion revenue run-rate, 46,000+ employees across 40+ countries – including 37,000+ in India, 3,500+ in North America, and 3,000+ in EuropeDiversified geographic footprint: USD 1.7 billion+ in North American business complemented by USD 600M+ European business; Persistent’s European revenue share (FY26) would increase from 9% to 22% after combination, creating a balanced revenue profile for Persistent – Nagarro Group with North America accounting for 62% and Rest of World increasing from 10% to 16%.End-to-end offering and AI stack: Nagarro’s AI, digital, ERP and CX capabilities complement Persistent’s AI capabilities and comprehensive technology platform portfolioNew dimension of scale: Combination significantly enhances the Total Addressable Market (TAM) to over USD 1,400 billion, with at-scale presence (USD 500M+ combined revenue) across each of Banking, Financial Services and Insurance (BFSI), Healthcare and Life Sciences (HLS), and Technology, Media and Telecommunications (TMT), and strong positions across Industrial (USD 400M+) and Consumer (USD 300M+)Deep client franchise: 350+ marquee client relationships, including 4 of the top 5 European automotive firms, 7 of the top 10 US and Indian banks, and 8 of the top 15 healthcare and life sciences companiesFrontier AI capability: Combination further strengthens the AI Forward Deployed Engineering capabilities, combining both businesses’ AI-skilled talent and platforms to accelerate client outcomes in AI-led transformationPreserving the strength of two brands. Both companies are well-established, leading brands in the industry. Following the closing of the transaction, the Persistent – Nagarro Group will reflect the essence of both, preserving assets and trust in the market.

Offer Conditions and next steps

The Offer will be subject to a minimum acceptance threshold of 50% plus one share of all outstanding Nagarro shares, inclusive of shares acquired under the binding share purchase agreement with Lantano and the intention by members of Nagarro’s Management Board to tender into the Offer. Persistent expects to launch the Offer after approval of the offer document by BaFin, with closing anticipated in Q4 CY26 / Q1 CY27, subject to regulatory approvals and other customary conditions.

Persistent does not intend to enter into a domination and/or profit and loss transfer agreement (DPLTA) for a duration of two years after closing.

The Offer forms part of a taking-private strategy. Following completion of the Offer, Persistent intends to pursue a delisting of Nagarro shares from the regulated market (Prime Standard) of the Frankfurt Stock Exchange as soon as practicable and legally feasible in alignment with the Management Board of Nagarro.

The offer document will be prepared and submitted to the German Federal Financial Supervisory Authority (“BaFin”) for review.

Barclays is acting as sole financial advisor, Hengeler Mueller and Khaitan are acting as legal advisors to Persistent in connection with the transaction. J.P. Morgan is acting as sole financial advisor, Freshfields is acting as legal advisor to Nagarro in connection with the transaction.

The company will provide more details on the transaction in a webcast. More information on this will be shared shortly.

Disclaimer and forward-looking statements

This press release is neither an offer to purchase nor a solicitation of an offer to sell Nagarro shares. The final terms of the Offer as well as other provisions relating to the Offer will be communicated in the offer document after the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) has permitted the publication of the offer document. Investors and holders of Nagarro shares are strongly advised to read the offer document and all other documents relating to the Offer as soon as they have been made public, as they will contain important information. The offer document for the Offer (in German and a non-binding English translation) with the detailed terms and conditions and other information on the Offer will be published after approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) amongst other information on the internet.

The Offer will be implemented exclusively on the basis of the applicable provisions of German law, in particular the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG), and certain securities law provisions of the United States of America relating to cross-border takeover offers. The Offer will not be conducted in accordance with the legal requirements of jurisdictions other than the Federal Republic of Germany or the United States of America (as applicable). Accordingly, no notices, filings, approvals or authorizations for the Offer have been filed, caused to be filed or granted outside the Federal Republic of Germany or the United States of America (as applicable). Investors and holders of Nagarro shares cannot rely on being protected by the investor protection laws of any jurisdiction other than the Federal Republic of Germany or the United States of America (as applicable). Subject to the exceptions described in the offer document and, where applicable, any exemptions to be granted by the respective regulatory authorities, no takeover offer will be made, directly or indirectly, in those jurisdictions in which this would constitute a violation of applicable law. This press release may not be released or otherwise distributed in whole or in part, in any jurisdiction in which the Offer would be prohibited by applicable law.

The Bidder reserves the right, to the extent permitted by law, to directly or indirectly acquire additional Nagarro shares outside the Offer on or off the stock exchange, provided that such acquisitions or arrangements to acquire are not made in the United States, will comply with the applicable German statutory provisions, in particular the WpÜG, and the Offer Price is increased in accordance with the WpÜG, to match any consideration paid outside of the Offer if higher than the Offer Price. If such acquisitions take place, information on such acquisitions, including the number of Nagarro shares acquired or to be acquired and the consideration paid or agreed, will be published without undue delay if and to the extent required under the laws of the Federal Republic of Germany, the United States or any other relevant jurisdiction. The Offer will relate to shares in a German company admitted to trading, inter alia, on the Frankfurt Stock Exchange and will be subject to the disclosure requirements, rules and practices applicable to companies listed in the Federal Republic of Germany, which differ from those of the United States and other jurisdictions in certain material respects. The financial information relating to the Bidder and Nagarro included elsewhere, including in the offer document, will be prepared in accordance with provisions applicable in the Federal Republic of Germany and will not be prepared in accordance with generally accepted accounting principles in the United States; therefore, it may not be comparable to financial information relating to United States companies or companies from other jurisdictions outside the Federal Republic of Germany. The Offer will be made in the United States pursuant to Section 14(e) of, and Regulation 14E under, the Exchange Act, and on the basis of the so-called Tier II exemption from certain requirements of the Exchange Act, which exemption allows a bidder to comply with certain substantive and procedural rules of the Exchange Act for takeover bids by complying with the law or practice of the domestic legal system and exempts the bidder from complying with certain other rules of the Exchange Act, and otherwise in accordance with the requirements of the laws of the Federal Republic of Germany. Shareholders from the United States should note that Nagarro is not listed on a United States securities exchange, is not subject to the periodic requirements of the Exchange Act and is not required to, and does not, file any reports with the United States Securities and Exchange Commission.

Any contract entered into with the Bidder as a result of the acceptance of the planned Offer will be governed exclusively by and construed in accordance with the laws of the Federal Republic of Germany. It may be difficult for shareholders from the United States (or from elsewhere outside of Germany) to enforce certain rights and claims arising in connection with the Offer under United States federal securities laws (or other laws they are acquainted with) since the Bidder and Nagarro are located outside the United States (or the jurisdiction where the shareholder resides), and their respective officers and directors reside outside the United States (or the jurisdiction where the shareholder resides). It may not be possible to sue a non-United States company or its officers or directors in a non-United States court for violations of United States securities laws. It also may not be possible to compel a non-United States company or its subsidiaries to submit themselves to a United States court’s judgment.

To the extent that this document contains forward-looking statements, they are not statements of fact and are identified by the words “intend”, “will” and similar expressions. These statements express the intentions, beliefs or current expectations and assumptions of the Bidder and the persons acting jointly with it. Such forward-looking statements are based on current plans, estimates and projections made by the Bidder and the persons acting jointly with it to the best of their knowledge, but are not guarantees of future accuracy (this applies in particular to circumstances beyond the control of the Bidder or the persons acting jointly with it). Forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and are usually beyond the Bidder’s control or the control of the persons acting jointly with it. It should be taken into account that actual results or consequences in the future may differ materially from those indicated or contained in the forward-looking statements. It cannot be ruled out that the Bidder and the persons acting jointly with it will change their intentions and estimates stated in documents or notifications or in the offer document yet to be published after publication of the documents, notifications or the offer document.

About Persistent
Persistent Systems (BSE: 533179) (NSE: PERSISTENT) is a global services and solutions company delivering AI-led, platform-driven Digital Engineering and Enterprise Modernization to businesses across industries. With over 27,500 employees located in 21 countries, the Company is committed to innovation and client success. Persistent offers a comprehensive suite of services, including software engineering, product development, data and analytics, CX transformation, cloud computing, and intelligent automation. The Company is part of the MSCI India Index and is included in key indices of the National Stock Exchange of India, including the Nifty Midcap 50, Nifty IT, and Nifty MidCap Liquid 15, as well as several on the BSE such as the S&P BSE 100 and S&P BSE SENSEX Next 50. Persistent is also a constituent of the Dow Jones Best-in-Class World Index. The Company has achieved carbon neutrality, reinforcing its commitment to sustainability and responsible business practices. Persistent has also been named one of America’s Greatest Workplaces for Inclusion & Diversity 2025 by Newsweek and Plant A Insights Group. As a participant of the United Nations Global Compact, the Company is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals. With 468% growth in brand value since 2020, Persistent is the fastest-growing IT services brand in ‘Brand Finance India 100’ 2025 Report.
www.persistent.com

About Nagarro
Nagarro, a global AI transformation and engineering leader, helps clients become fluidic, innovative, AI-first companies and thus win in their markets. The company is distinguished by its entrepreneurial, agile, and global character, its CARING mindset, and its Fluidic Intelligence vision. Nagarro employs around 18,500 people in 40 countries. For more information, please visit www.nagarro.com.

Forward-looking and Cautionary Statements
For risks and uncertainties relating to forward-looking statements, please visit persistent.com/FLCS

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Technology

Midea Brings “Simply ideal” to Life at IFA 2026

Published

2 hours ago

September 4, 2026

BERLIN, Sept. 4, 2026 /PRNewswire/ — At IFA 2026, Midea brings its “Simply ideal” vision to life through the latest innovations, designed to bring greater intelligence, comfort, efficiency and ease to the home.

The exhibition also highlights Midea’s new five-year partnership with FC Barcelona.

The Midea Suites: Ways to Master the Home

The new SMART MASTER showcases Midea’s AI-powered home ecosystem. The AI Agent enables more natural, intuitive interaction with appliances across daily household scenarios. Midea Robot brings AI into the physical world through cooking, cleaning, laundry, care and whole-home control.

At IFA 2026, Midea unveiled its new AI voice-controlled air conditioner. Cliff Liang, General Manager of Enterprise Commercial for the China Region at Microsoft, joined the Midea event and shared Microsoft’s perspective on the next phase of AI.

AI ECOMASTER coordinates appliances and connected systems through intelligent power management. It learns household routines and adapts to changing needs for greater flexibility and comfort.

For homes where every inch counts, SPACE MASTER delivers more usable capacity within the same external dimensions, as demonstrated by the refrigerator’s expanded storage.

Alongside the MASTER Suites, the BUILT-IN Series includes the Milanese-inspired Ispira Series, combining cohesive design with intelligent functionality for an integrated cooking experience.

The Midea Scenarios: Innovation for Everyday Living

Comfort begins with the air around us. Midea’s R290 Series responds to growing demand for efficient cooling. It combines advanced compressor and safety-sealing technologies with ultra-low-GWP R290 refrigerant, delivering around 10% higher energy efficiency. Residential applications include H-Pack and PortaSplit, with PortaSplit set to adopt R290 in 2027.

In the kitchen, technology simplifies daily routines, from food storage and cooking to after-meal care. The Visionary Series refrigerators make food easier to see and access through GlassVision, hands-free lighting and clear, even illumination.

The InfiniteFit Series hobs feature an ultra-slim design for seamless integration into European kitchens, while OmniFlex enables flexible cookware placement. The PizzaPro built-in oven combines rapid heating with an 81L cavity, balancing speed with capacity.

After the meal, the Tri-GreenApex System brings washing, drying and storage together while using around 50% less energy than required for Europe’s highest A rating.

Laundry brings its own everyday needs. Midea’s family laundry room concept combines multi-drum solutions for different garment-care needs, allowing separate loads to run at the same time. The OMNI SERIES offers flexible combinations to suit different household routines.

Tobin Richardson, President and CEO of the Connectivity Standards Alliance, introduced Matter at Midea’s booth, highlighting its open, secure, interoperable framework and Midea’s role in advancing smart appliance connectivity.

Partnership and Brand Portfolio

At IFA 2026, Midea celebrated its partnership through an immersive FC Barcelona experience at its booth. FC Barcelona legend Carles Puyol made a special appearance, sharing insights from his career on leadership, teamwork and the pursuit of excellence. His presence reflected Midea and FC Barcelona’s shared commitment to world-class performance.

As part of Midea Group’s multi-brand portfolio, TEKA presents its latest innovations under the “Meaningful Experiences Through Technology” concept, including its new coffee machine range, the In-Line Series and Laundry Care solutions, bringing European design and functionality to modern living.

About Midea and Midea Group

Midea is one of over 10 brands within the Smart Home Business of Midea Group.

Founded in 1968, Midea Group is a leading global technology company and one of the world’s largest home appliance manufacturers. As a Fortune Global 500 enterprise, it ranked No. 231 in 2026. The Group has streamlined its core operations into seven high-growth business pillars to drive future growth: Smart Home, Industrial Technologies, Building Technologies, KUKA, New Energy, Midea Healthcare, and ANNTO Logistics.

www.midea-group.com

www.midea.com

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SOURCE Midea Group

Technology

Cheche Group Reports First Half 2026 Unaudited Financial Results

Published

2 hours ago

September 4, 2026

BEIJING, Sept. 4, 2026 /PRNewswire/ — Cheche Group Inc. (NASDAQ: CCG) (“Cheche”, “the Company” or “we”), China’s leading auto insurance technology platform, today announced its unaudited financial results for the six months ended June 30, 2026.

Key Business Highlights

Partnerships with New Energy Vehicle (NEV) companies numbered 18 in the first half 2026 and led to 1,049,000 policies with corresponding written premium of RMB3.2 billion (US$472.0 million), representing an increase of 29.5% and 23.7%, respectively, compared to the prior-year period.

Net revenues decreased 34.4% to RMB885.0 million (US$130.4 million) as we have been proactively restructuring business portfolio to focus on high-margin segments.

Gross margin increased to 6.5% from 4.9% in the prior-year period, driven by an improved business mix, with NEV premiums increasing to 31.0% of total written premiums from 22.5% in the prior-year period.

Management Comments

“In the first half of 2026, Cheche made meaningful progress in reshaping our business for the next phase of growth,” said Lei Zhang, Founder, CEO and Chairman of Cheche. “We made deliberate choices to shift away from lower-margin, less strategic revenue streams and concentrate our resources on the business and capabilities where we believe we can create greater long-term value through technology, data and differentiated solutions. As a result, while net revenues declined 34.4% to RMB885.0 million, gross margin expanded by 160 basis points, reflecting a fundamentally stronger revenue mix.

“This transformation is now visibly expressed in our recent launch of the ABAO Agent Family – a suite of five specialized AI agents, built on Cheche’s proprietary vertical insurance large language model that spans the full NEV insurance lifecycle from dynamic pricing to claims processing. Together with our Cheche Score and proprietary NEV intelligent pricing model, ABAO marks our strategic evolution from a digital insurance transaction platform into an AI-driven insurance infrastructure provider. These capabilities are deepening our relationships with insurance carrier partners, improving the economics of our core operations and expanding the ways in which our technology can be applied.

“Transformation requires discipline, and we remain focused on streamlining operations, strengthening our foundation and directing resources toward our highest-value opportunities. We are also exploring ways to broaden our platform and enhance the scale and resilience of our operations as we enter the next phase of our evolution. Our objective is to build a more diversified enterprise with the flexibility to pursue compelling opportunities while maintaining disciplined execution and a clear focus on shareholder value.”

Unaudited First Half Year 2026 Financial Results

Net Revenues were RMB885.0 million (US$130.4 million), representing a 34.4% year-over-year decrease from the prior-year period as a result of the restructuring of our business portfolio.

Cost of Revenues decreased 35.5% year-over-year to RMB827.6 million (US$122.0 million) from the prior-year period due to a decline in net revenues and higher gross margin driven by the restructuring of our business portfolio.

Gross profit decreased 12.6% to RMB57.5 million (US$8.5 million) compared to the prior-year period due to the decrease of net revenues, partially offset by the improved business structure which led to a higher gross margin.

Selling and Marketing Expenses decreased 4.3% to RMB35.6 million (US$5.3 million) from RMB37.3 million in the prior-year period, mainly due to the decrease in staff cost and share-based compensation expenses. Excluding share-based compensation expenses, selling and marketing expenses were RMB34.5 million (US$5.1 million), a decrease of 2.5% compared to the prior-year period.

General and Administrative Expenses increased 55.4% to RMB57.9 million (US$8.5 million) from RMB37.3 million for the prior-year period due to the recognition of RMB35.1 million (US$5.2 million) specific allowance of credit losses for long-aged and high-risk receivables, partially offset by the decrease in share-based compensation expenses and professional service fees. Excluding share-based compensation expenses, general and administrative expenses increased 112.7% year over year, from RMB26.6 million to RMB56.5 million (US$8.3 million).

Research and Development Expenses decreased 21.0% to RMB14.5 million (US$2.1 million) from RMB18.3 million in the prior-year period, mainly due to the decrease in staff costs and professional service fees. Excluding share-based compensation expenses, research and development expenses decreased 21.0% to RMB14.1 million (US$2.1 million) from RMB17.8 million in the prior-year period.

Total Operating Expenses increased 16.4% to RMB108.0 million (US$15.9 million) from RMB92.8 million in the prior-year period, mainly due to the recognition of specific allowance of credit losses for long-aged and high-risk receivables, partially offset by the decrease in staff cost, share-based compensation expenses and professional service fees. Excluding share-based compensation expenses, total operating expenses increased 31.8% to RMB105.1 million (US$15.5 million) from RMB79.8 million in the prior-year period.

Net Loss increased 72.3% to RMB44.1 million (US$6.5 million) from RMB25.6 million in the prior-year period. Excluding non-GAAP expenses, the Adjusted Net Loss increased 257.7% to RMB37.7 million (US$5.6 million) from RMB10.5 million in the prior-year period.

Net Loss Per Share, basic and diluted, was RMB18.57 (US$2.74), increasing RMB7.68 from a loss of RMB10.89 for the prior-year period.

Adjusted Net Loss Per Share, basic and diluted, was RMB15.89 (US$2.34), increasing RMB11.4 from a loss of RMB4.49 for the prior-year period.

First Half Year 2026 Business Developments

On January 29, 2026, Cheche announced that Volkswagen (Anhui) Digital Sales and Services Co., Ltd (“DSSO”), Beijing Cardif Airstar Property & Casualty Insurance Co., Ltd. (“Cardif Airstar Insurance”), and Cheche Group Inc. held a strategic cooperation signing ceremony on January 29, 2026. They will collaborate to develop digital insurance services for Volkswagen owners and expand into areas such as intelligent pricing, intelligent-driving insurance, and non-auto insurance. The partnership aims to establish a digital financial and insurance service system covering the full lifecycle of electric vehicle ownership.

On May 28, 2026, Cheche announced the official launch of its proprietary, AI large model-driven intelligent connected vehicle pricing product. Targeting China’s expanding market of approximately 20 million intelligent connected NEVs, the platform utilizes advanced machine learning and multi-dimensional data analytics. By analyzing real-time driving behavior, usage patterns, and localized risk scenarios, the technology delivers precise, personalized insurance pricing tailored to individual drivers.

On June 22, 2026, Cheche announced the official launch of “ABAO Agent,” an AI-powered intelligent underwriting agent. ABAO Agent is now commercially deployed in auto insurance renewal scenarios at scale. Its 24/7 autonomous capabilities allow the agent to independently execute the complete renewal workflow—customer outreach, needs identification, policy follow-up, and conversion—functions that previously required dedicated human teams. The result is a reduction in labor and operational costs for carrier partners, with no compromise to service continuity.

On June 24, 2026, Cheche announced the launch of “Cheche Score,” a proprietary AI-powered dynamic pricing solution for NEV insurance. Cheche Score is fully commercialized and functioning across multiple cities in China. Cheche has entered into dedicated AI-powered renewal cooperation agreements with several of China’s largest insurance carriers, jointly building a digital operating ecosystem that connects intelligent pricing, precision renewal, and closed-loop customer service.

On September 1, 2026, Cheche announced the launch of the ABAO Agent Family, a suite of five specialized AI agents built on Cheche’s proprietary vertical insurance large language model. Spanning the full NEV insurance lifecycle, from dynamic pricing optimization to claims processing and specialized diagnostics, the ABAO Agent Family marked Cheche’s strategic evolution from a digital insurance transaction platform into an AI-driven insurance infrastructure provider.

Balance Sheet

As of June 30, 2026, the Company had RMB173.7 million (US$25.6 million) in total cash and cash equivalents, restricted cash and short-term investments.

Business Outlook

For the full year 2026:

Cheche is revising its Net Revenue guidance to an approximate range of RMB1.5 billion to RMB1.8 billion, from the previously announced approximate range of RMB3.0 billion to RMB3.2 billion, to reflect the impact of its ongoing business restructuring.

Cheche is revising its NEV Written Premiums Placed guidance to an approximate range of RMB8.0 billion to RMB10.0 billion from the previously announced approximate range of RMB10.5 billion to RMB 12.0 billion, to reflect the change of NEV sales in the domestic market.

Cheche ceased using Total Written Premiums Placed as a key business performance indicator as a result of its strategic pivot.

Cheche is estimating an Adjusted Net Loss range of RMB42.7 million to RMB47.4 million for the full year 2026, due primarily to the ongoing restructuring.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the reader’s convenience. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.7851 to US$1.00, the exchange rate on June 30, 2026, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referenced could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

About Cheche Group Inc.

Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 101 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche has evolved into a comprehensive, data-driven technology platform that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. Learn more at https://www.chechegroup.com/en.

Cheche Group Inc.:

IR@chechegroup.com

Crocker Coulson
crocker.coulson@aummedia.org
(646) 652-7185

Non-GAAP Financial Measures

Cheche has provided non-GAAP financial measures in this press release that have not been prepared in accordance with generally accepted accounting principles (GAAP) in the United States.

Cheche uses adjusted selling and marketing expenses, adjusted general and administrative expenses, adjusted research and development expenses, adjusted total operating expenses, adjusted net loss, and adjusted net loss per share, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes.

Cheche defines adjusted total operating expenses as total operating expenses adjusted for the impact of share-based compensation. Cheche defines adjusted net loss as net loss adjusted for the impact of share-based compensation expenses, amortization of intangible assets, and changes in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), and change in fair value of warrants. Adjusted net loss per share, basic and diluted, is calculated as adjusted net loss divided by weighted-average ordinary shares outstanding.

Cheche believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the impact of share-based compensation expenses, amortization of intangible assets related to acquisition, and change in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), and change in fair value of warrants. Cheche believes that such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance or as an indicator of Cheche’s operating performance. Further, these non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Cheche encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure. Investors are encouraged to compare the historical non-GAAP financial measures with the most directly comparable GAAP measures. Cheche mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating its performance.

Safe Harbor Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding projections, estimations, and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale and grow its business, the Company’s advantages and expected growth, and its ability to source and retain talent, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause the Company’s actual results, levels of activity, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The forward-looking statements in this press release represent the views of the Company as of the date of this press release. Subsequent events and developments may cause those views to change. Except as may be required by law, the Company does not undertake any duty to update these forward-looking statements.

Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and per
share data)

December 31,

June 30,

2025

2026

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

144,511

131,730

19,415

Restricted cash

5,000

41,779

6,157

Short-term investments

226

Amounts due from related parties

–

14,303

2,108

Accounts receivable, net

1,145,752

665,931

98,146

Prepayments and other current assets

60,059

64,256

9,470

Total current assets

1,355,548

918,225

135,329

Non-current assets:

Restricted cash

21,086

–

Property, equipment and leasehold improvement, net

831

893

132

Intangible assets, net

3,850

2,800

413

Right-of-use assets

6,453

5,016

739

Goodwill

84,609

12,470

Other non-current assets

2,477

1,981

292

Total non-current assets

119,306

95,299

14,046

Total assets

1,474,854

1,013,524

149,375

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

842,728

430,847

63,499

Short-term borrowings

80,500

98,190

14,471

Contract liabilities

1,044

1,238

182

Salary and welfare benefits payable

83,686

79,321

11,690

Tax payable

22,657

18,320

2,700

Amounts due to a related party

50,626

52,949

7,804

Accrued expenses and other current liabilities

19,206

20,167

2,974

Short-term lease liabilities

4,727

3,510

517

Total current liabilities

1,105,174

704,542

103,837

Non-current liabilities:

Deferred tax liabilities

963

700

103

Long-term borrowings

9,800

–

Long-term lease liabilities

801

604

Deferred revenue

1,432

211

Warrant

1,512

1,544

228

Total non-current liabilities

14,508

4,280

631

Total liabilities

1,119,682

708,822

104,468

Ordinary shares

Treasury stock

(1,025)

(151)

Additional paid-in capital

2,550,197

2,553,093

376,279

Accumulated deficit

(2,192,846)

(2,236,903)

(329,679)

Accumulated other comprehensive loss

(1,160)

(10,469)

(1,543)

Total the Company’s shareholders’ equity

355,172

304,702

44,907

Total liabilities and shareholders’ equity

1,474,854

1,013,524

149,375

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (All amounts in
thousands, except for share and per share data)

For the Six Months Ended

June 30,

2025

2026

RMB

USD

Net revenues

1,348,652

885,048

130,440

Cost of revenues

(1,282,869)

(827,573)

(121,969)

Gross profit

65,783

57,475

8,471

Operating expenses:

Selling and marketing expenses

(37,250)

(35,637)

(5,252)

General and administrative expenses

(37,255)

(57,902)

(8,534)

Research and development expenses

(18,293)

(14,457)

(2,131)

Total operating expenses

(92,798)

(107,996)

(15,917)

Operating loss

(27,015)

(50,521)

(7,446)

Other expenses:

Interest income

1,669

1,112

164

Interest expense

(1,213)

(1,396)

(206)

Foreign exchange gains

893

6,630

977

Government grants

1,295

2,839

418

Changes in fair value of warrant

1,114

(80)

(12)

Changes in fair value of amounts due to related party

(2,052)

(2,330)

(343)

Others, net

(454)

(552)

(81)

Loss before income tax

(25,763)

(44,298)

(6,529)

Income tax benefit

195

241

Net loss

(25,568)

(44,057)

(6,493)

Other comprehensive loss:

Foreign currency translation adjustments, net of nil tax

(1,302)

(9,316)

(1,373)

Fair value changes of amounts due to related party due to own credit risk

(453)

Total other comprehensive loss

(1,755)

(9,309)

(1,372)

Total comprehensive loss

(27,323)

(53,366)

(7,865)

Net loss per ordinary shares outstanding(1)

Basic

(10.89)

(18.57)

(2.74)

Diluted

(10.89)

(18.57)

(2.74)

Weighted average number of ordinary shares outstanding(1)

Basic

2,348,249

2,372,032

Diluted

2,348,249

2,372,032

(1) The shares and per share information are presented on a retroactive basis to reflect the 35-for-1 share consolidation of its Class A ordinary shares and Class B ordinary shares effective on July 20, 2026.

Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)

(All amounts in thousands)

For the Six Months Ended

June 30,

2025

2026

RMB

USD

Selling and marketing expenses

(37,250)

(35,637)

(5,252)

Add: Share-based compensation expenses

1,851

1,135

167

Adjusted Selling and marketing expenses

(35,399)

(34,502)

(5,085)

General and administrative expenses

(37,255)

(57,902)

(8,534)

Add: Share-based compensation expenses

10,674

1,354

200

Adjusted General and administrative expenses

(26,581)

(56,548)

(8,334)

Research and development expenses

(18,293)

(14,457)

(2,131)

Add: Share-based compensation expenses

512

407

Adjusted Research and development expenses

(17,781)

(14,050)

(2,071)

Total operating expenses

(92,798)

(107,996)

(15,917)

Adjusted total operating expenses

(79,761)

(105,100)

(15,490)

Reconciliation of GAAP Net Loss and Net Loss Per Ordinary Share to Non-GAAP Net Loss and Net Loss Per
Ordinary Share (Unaudited)

(All amounts in thousands, except for share data and per share data)

For the Six Months Ended

June 30,

2025

2026

RMB

USD

Net loss

(25,568)

(44,057)

(6,493)

Add: Share-based compensation expenses

13,040

2,896

427

Amortization of intangible assets related to acquisition

1,050

155

Changes in fair value of warrant

(1,114)

Changes in fair value of amounts due to related party

2,052

2,330

343

Adjusted net loss

(10,540)

(37,701)

(5,556)

Weighted average number of ordinary shares used in
computing non-GAAP adjusted net loss per ordinary
share(1)

Basic

2,348,249

2,372,032

Diluted

2,348,249

2,372,032

Net loss per ordinary share(1)

Basic

(10.89)

(18.57)

(2.74)

Diluted

(10.89)

(18.57)

(2.74)

Non-GAAP adjustments to net loss per ordinary share(1)

Basic

6.40

2.68

0.40

Diluted

6.40

2.68

0.40

Adjusted net loss per ordinary share(1)

Basic

(4.49)

(15.89)

(2.34)

Diluted

(4.49)

(15.89)

(2.34)

View original content:https://www.prnewswire.com/news-releases/cheche-group-reports-first-half-2026-unaudited-financial-results-302870447.html

SOURCE Cheche Group Inc.

Technology

GreenCore Solutions Corp. (GSC) AI Agent Stack Passes 24.5 Million Inbound AI Agent Transactions In 30 Days

Published

2 hours ago

September 4, 2026

Brendan Farrugia, Co-founder and Director of GSC Joint Venture Company GSC Agentic Pty. Ltd., joins the GSC Board of Advisors

VANCOUVER, BC and SYDNEY, Sept. 4, 2026 /PRNewswire/ — GreenCore Solutions Corp. (“GSC” or the “Company”) today announced a record month for its AI Agent Stack and a new appointment to its Board of Advisors.

What GSC does. GSC builds AI Agents that sell Consumer Packaged Goods (CPG) and Beauty & Personal Care (BPC) brands. The agents are provided as a managed service — nothing to install, no tech department, no firewall to open, for the brand or the buyer. When a retailer’s buying AI Agent asks whether a brand is available and orderable in its market, the GSC AI Agent answers — in that market, for that brand — and elevates the order to the GSC Trading Deck for humans in the loop on order volume. This is AI Orderability (AIO): new volume added to a brand’s existing capacity and team, not a replacement for either.

The record. In August the AI Agent Stack soared past 24.5 million inbound AI Agent transactions — nine every second — up from 9.5 million per month in May, June and July. Cumulative transactions since May now reach 50 million+. In 1999, Amazon.com took four years to reach its first 10 million customers.

Where the traffic comes from. Half of it is European:

European Union → 11.76 million, led by France at 7.11 million, the Netherlands at 2.35 million, Germany at 777,570 and Belgium at 436,460United Kingdom → 167,200, with Switzerland at 241,450 and Norway at 136,530 alongsideUnited States → 4.9 millionCanada → 1.48 millionSingapore → 1.15 million, the first Asia-Pacific market past one million

Why Europe. The Stack was designed on Microsoft Azure France Central, GSC’s founding region and European home — the global hub of BPC brands and of ESG leadership. GSC AI Agents now run resident in 18 countries on 18 Azure regions, plus Google Cloud Spain:

Founding regions → France Central, Australia East, South Central US, Mexico CentralEurope → UK South, Switzerland North, West Europe (Netherlands), Germany West Central, Italy North, Spain Central, Poland CentralAmericas → Canada Central, Brazil SouthAsia-Pacific → Southeast Asia (Singapore), Korea Central, Japan East, Central IndiaMiddle East → UAE North

Speed for customers and lower compute for buyers: a retail buying AI Agent in Tokyo, Los Angeles or Paris is answered by a GSC AI Agent in Japan, America or France. Every transaction follows one path:

Powered by the CPG Knowledge GraphCarried with its ESG record on SM-ESG-CPGResolved for its jurisdiction → in France, at FR-ECO-10060Answered once → a human reviews and signs every order

Telephone codes and postal codes were built for letters and phone calls. GSC provides the codes for AI Agents.

The market it serves. Morgan Stanley Research estimates AI shopping agents will account for $190 billion to $385 billion of U.S. e-commerce by 2030, with groceries and consumer packaged goods already leading AI-driven purchases. Bain & Company puts the U.S. figure at $300 billion to $500 billion. GSC’s traffic is that market arriving for its BPC brand customers, in the category it was built for.

The appointment. Brendan Farrugia is the Sydney co-founder behind GSC Agentic Pty. Ltd., the joint venture that carries the GSC AI Agent Stack across Asia-Pacific, Latin America and Europe including the UK. He is Director, Co-Founder & General Partner of Unify Ventures and sits on the GSC Agentic International Board of Directors.

“We augment a brand’s sales with new volume — we don’t duplicate what its team already does, and we do it sustainably, with the compute resident in the buyer’s own market,” said Matthew Keddy, CEO, GreenCore Solutions Corp. “Twenty-four and a half million inbound AI Agent transactions a month is 34,000 sales calls an hour, nine every second, answered on eighteen Microsoft Azure hyperscale regions active today for our customers. No brand could staff that. We deliver that new volume with AI Agents on a managed-service basis — faster time to market, lower cost, available now.”

“Every BPC board I sit in front of asks the same question: when does the retail buying agent era commence,” said Brendan Farrugia. “It hit scale in August — twenty-four and a half million agents asked, and our AI Agent fleet delivered. The question a board should be asking now is whether its brands can be found and ordered when those retail AI Agent buyers ask — because if the answer is no, the brand becomes invisible to its primary customers.”

About GreenCore Solutions Corp. (GSC)

GreenCore Solutions Corp. (GSC) builds AI Agents that sell Beauty & Personal Care (BPC) brands into retail grocery procurement, powered by the CPG Knowledge Graph with SPARKS and delivered on MCP + A2A + ACM-68000. GSC carries 24.5 million+ inbound AI Agent transactions a month across 2 billion datapoints spanning 38,350 BPC brands, 15,688 retail grocery banners and 3.29 million points of sale in 50 global markets. GSC AI Agents run sustainable, transact safe, human in the loop, and live on Microsoft Azure and Google Cloud. GSC is a Microsoft AI Cloud Partner. D-U-N-S 24-336-6774. For more information visit gsc-em.com.

About GSC Agentic Pty. Ltd.
GSC Agentic Pty. Ltd., headquartered in Sydney, Australia, is the joint venture delivering the GSC AI Agent Stack across Asia-Pacific, Latin America and Europe including the UK. For more information visit gsc-global.ai

View original content:https://www.prnewswire.com/news-releases/greencore-solutions-corp-gsc-ai-agent-stack-passes-24-5-million-inbound-ai-agent-transactions-in-30-days-302870456.html

SOURCE GreenCore Solutions Corp.