Uxin Ltd. (NASDAQ: UXIN) stock gains by 14.67% at last check during current market trading. In China, Uxin Limited is a prominent online used automobile dealer with a statewide presence. Uxin’s objective is to enable customers to buy the automobile of their dreams online by providing high-quality used automobiles and best-in-class purchase services.
What is happening?
UXIN signed a definitive agreement with NIO Capital and Joy Capital, under which both investors have consented to invest up to $315 million in UXIN. At the same time, UXIN has reached an agreement with the holders of its convertible notes, including 58.com, TPG, and Warburg Pincus, to transfer their convertible notes in the amount of US$69 million into Class A ordinary shares of UXIN. Over ten major investors, including NIO Capital, Joy Capital, and the holders of the aforementioned convertible notes, have agreed not to sell their UXIN shares in the next nine months. The transaction is depending on the deal’s standard closing conditions.
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Mr. Kun Dai, Founder, Chairman and CEO of Uxin, said,
UXIN is thrilled and humbled to be able to collaborate with William and Erhai on their next voyage. He’d like to thank them, as well as their shareholders, for their continuous support of Uxin’s strategic transition and faith in their team. UXIN’s triumphs and tribulations over the last decade have convinced them that the only way to achieve their aims and objectives is to devote themselves entirely to creating long-term value for their clients. The used automobile industry in China is rapidly developing and changing. At Uxin, they will maintain their long-term aim of promoting the healthy growth of China’s used automobile market by focusing only on providing basic and transparent value to their consumers.
Mr. William Bin Li, Chairman of NIO Inc. and Managing Partner of NIO Capital, stated:
In China, the used automobile sector has tremendous development potential. Uxin, one of China’s biggest online used car dealers, uses a one-stop business strategy to supply high-quality automobiles and extensive after-sales services to auto customers around the country. Uxin has successfully addressed important issues that conventional dealers face. They think Uxin will continue to lead the way in the growth of the domestic used automobile market, assisting in the industry’s transformation to new levels of quality and dependability.