BEIJING, June 30, 2022 (GLOBE NEWSWIRE) — Uxin Limited (“Uxin” or the “Company”, together with its subsidiaries, the “Group”) ( UXIN), a leading e-commerce platform for buying and selling used cars in China, today announced that it has entered into definitive agreements with an affiliate of an existing shareholder, Nio Capital, for the subscription of 714,285,714 senior convertible preferred shares of the Company for an aggregate amount of US$100 million, which will be paid in multiple installments. The completion of the transaction is subject to certain customary conditions. Following the closing of the transaction, the issuance of 714,285,714 senior convertible preferred shares will represent approximately 20% of the Company’s total issued ordinary shares on an as-converted and fully diluted basis, considering the anti-dilution adjustment to the previously issued preferred shares of the Company. The binding term sheet previously announced on May 16, 2022 has been replaced with the definitive agreements.
The Company plans to use the proceeds from the financing transaction primarily to develop its Inspection and Reconditioning Plant in Hefei, expand its capacities to provide high quality used cars, and support its long-term business growth.
About Uxin
Uxin is a leading e-commerce platform for buying and selling used cars in China. We offer high-quality and value-for-money vehicles as well as superior after-sales services through a reliable, one-stop, and hassle-free transaction experience. Under our omni-channel strategy, we are able to leverage our pioneering online platform to serve customers nationwide and establish market leadership in select regions through offline inspection and reconditioning centers. Leveraging our extensive industry data and continuous technology innovation throughout more than ten years of operation, we have established strong used car management and operation capabilities. We are committed to upholding our…
