Chinese Used Car Dealer Uxin Secures $315M Financing

Uxin Ltd UXIN inked agreements with NIO Capital and Joy Capital to invest a total of up to $315 million in the company.
Simultaneously, Uxin agreed with the holders of its convertible notes, including 58.com, TPG, and Warburg Pincus, to convert their convertible notes in $69 million into Uxin shares.
Over ten critical investors, including NIO Capital, Joy Capital, and the above-mentioned convertible noteholders, will not sell their shares in the next nine months under the arrangement.
NIO Inc NIO Chair and NIO Capital Managing Partner William Bin Li acknowledged the used car market’s exponential growth potential in China.
Uxin held $44.1 million in cash and equivalents as of Dec. 31, 2020.
Price action: UXIN shares traded higher by 15.30% at $5.97 in the premarket session on the last check Tuesday.