Uxin Announces Financing Transaction of up to US$315 million
BEIJING, June 15, 2021 (GLOBE NEWSWIRE) -- Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), a leading nationwide online used car dealer in China, today announced that it has entered into definitive agreements with NIO Capital and Joy Capital, pursuant to which both investors have agreed to invest a total of up to US$315 million in the Company. Concurrently, the Company has agreed with its convertible notes holders, including 58.com, TPG and Warburg Pincus, to convert their convertible notes in an aggregate principal amount of US$69 million into Class A ordinary shares of the Company. Over ten important investors, including NIO Capital, Joy Capital and the above mentioned convertible notes holders will agree not to sell their shares in the Company in the next nine months. The transaction is subject to customary closing conditions stipulated in the agreements.
Mr. William Bin Li, Chairman of NIO Inc. and Managing Partner of NIO Capital, commented, “The used car market has exponential growth potential in China. As one of the leading online used car dealers in China, Uxin relies on a one-stop business model to provide car buyers nationwide with high quality vehicles and comprehensive after-sales services. Uxin has effectively tackled critical problems that affect traditional dealers. We believe Uxin will continue to lead the development of the domestic used car market and help transform the industry to new heights of quality and reliability.”
Mr. Erhai Liu, Founding and Managing Partner of Joy Capital, said: “We are excited about the used car market in China and have continuously searched for attractive investment opportunities. After almost a decade of experience in this sector, Uxin has made remarkable progress despite experiencing challenging times. All along, the commitment and persistence of Uxin’s management team have impressed us. Uxin’s solid brand and reputation, along with its strategic direction following the business transformation, will lead to its continued success.”
Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, commented: “We are ver pleased and honored to be able to work together with William and Erhai again on our journey ahead. I would like to thank them and our shareholders for supporting Uxin’s strategic transformation and their continued trust in our team. The Company’s successes and challenges over the past decade have made us firmly believe that the way for us to successfully realize our goals and mission is to wholeheartedly create long-term value for our customers. China's used car market is undergoing rapid development and transformation. At Uxin, we will fully focus on delivering fundamental and transparent value to our customers and continue to uphold our long-term vision to promote the healthy development of China's used car industry.”
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