SunCar TechnologyNASDAQ: SDA

SunCar has built an innovative cloud service and mobile app that digitalize the automotive aftermarket and eInsurance sectors in China. SunCar's cloud platform is critical to China's EV manufacturers as it delivers leading technology, a user-friendly mobile App, and China-wide scope. In FY 2023 SunCar registered almost 30% overall revenue growth and 80% growth in its auto eInsurance business.

SunCar Technology Group, Inc. (NASDAQ: SDA) Q4 2023 Earnings Conference Call will take place on April 30, 2024 at 5:00 PM ET. Company representatives include Jennifer Jiang, Zaichang Ye, and Stanley Yang. The conference call will be recorded.

SunCar Technology's share price has dropped by 32% since July. While a correction was due even then, a follow-on share offering at a lower price only confirmed this. The company's recent robust revenue growth of 28% YoY in H1 2023 goes in its favour though. However, profits have weakened due to rising costs, affecting margins. Its market multiples are competitive, making it a potential short-term Buy, but there isn't enough proof that it can perform in the medium term, leading to a Hold rating.

The Chinese auto insurance and after-market sales specialist is floating a new stock issue. It will sell $21 million worth of its Class A ordinary shares to institutional investors.

On May 17th, the Shanghai-based auto services startup completed its business combination with special purpose acquisition company (SPAC) Goldenbridge Acquisition Limited. The next day, SunCar began trading on the Nasdaq under its own SDA symbol.