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Uxin Limited (Nasdaq: UXIN) is a pioneer and leader in China's used car industry, offering a comprehensive suite of services through its distinctive online and offline platforms. Founded with the mission to transform the used car market, Uxin provides a range of B2B, B2C, and C2B services under the brands Uxin Auction (优信拍) and Uxin Used Car (优信二手车). By leveraging its data-driven supply chain, Uxin enhances transaction transparency and efficiency, fostering trust and reliability in the market.
Uxin operates through mobile applications and websites, enabling seamless used car transactions and providing financing solutions via third-party partners. The company generates revenue from commissions on car sales, interest income from financial leases, and other value-added services.
Recently, Uxin has made significant strides in expanding its operational footprint. The company announced a substantial equity investment from Hefei Construction Investment North City Industrial Investment Co., Ltd. worth RMB1.5 billion over the next decade to support Uxin's new Changfeng Superstore. This sophisticated facility, covering 450,000 square meters, includes one of the world's most advanced used car reconditioning factories and a vast showroom capable of displaying up to 10,000 vehicles. It serves as a central hub for Uxin's regional and national expansion plans.
Despite financial challenges, including a decline in quarterly revenue and transaction volumes, Uxin continues to innovate and grow. The company reported a 35.6% increase in retail transaction volumes in Q2 FY2024, with enhanced inventory management and value-added services boosting gross margins significantly. Uxin aims to achieve EBITDA profitability at all superstores by March 2024 and company-wide profitability by September 2024.
Uxin's strategic initiatives and partnerships underline its commitment to becoming a leading player in the Chinese automotive aftermarket, with a focus on quality, customer satisfaction, and technological advancements.
Uxin Limited (Nasdaq: UXIN), a leading online used car dealer in China, announced the filing of its annual report on Form 20-F for the fiscal year ending March 31, 2021, with the SEC on July 30, 2021. The report, accessible via the company's investor relations site and the SEC's website, includes audited consolidated financial statements. Uxin provides a nationwide selection of high-quality used cars, comprehensive aftersales services, and a convenient online purchasing experience, aiming to facilitate efficient car buying across China.
Uxin Limited (Nasdaq: UXIN) reported its fourth quarter and fiscal year results for the year ended March 31, 2021. Total revenues were RMB196 million (US$29.9 million), down from RMB322.9 million in the prior quarter. The company achieved a gross margin of 4.6%, up from 2.9% previously. For the fiscal year, revenues totaled RMB657.4 million (US$100.3 million), reflecting a decline from RMB1.36 billion the previous year. Uxin’s non-GAAP adjusted loss from continuing operations decreased by 40% to RMB98 million compared to the last quarter. With US$315 million in new funding, Uxin aims to strengthen its inventory-owning model and expand operations.
Uxin Limited (Nasdaq: UXIN) is set to announce its unaudited financial results for the fourth quarter and fiscal year 2021 on July 30, 2021. The results cover the period ending March 31, 2021. A conference call will follow at 8:00 a.m. U.S. Eastern Time. Due to COVID-19, preregistration is required for participants, and the details will be provided upon registration. A replay of the call will be accessible until August 6, 2021, and further information can be found on Uxin's Investor Relations webpage.
Uxin Limited (NASDAQ: UXIN) has successfully closed the first tranche of its financing transaction, raising US$100 million by issuing senior convertible preferred shares to NIO Capital and Joy Capital. Concurrently, convertible notes worth US$69 million were converted into Class A ordinary shares. The company has made significant changes to its Board of Directors, appointing four new members and seeing several resignations. Uxin aims to enhance its business development with this new board composition, following a pivotal business transformation.
Uxin Limited (Nasdaq: UXIN), a major online used car dealer in China, announced a substantial investment of up to US$315 million from NIO Capital and Joy Capital. Concurrently, they agreed to convert US$69 million in convertible notes into Class A ordinary shares. Over ten key investors will refrain from selling their shares for nine months. The company aims to leverage its strong market position to drive growth in China's evolving used car sector, focusing on delivering value to customers. The investment reflects confidence in Uxin's strategy amid market challenges.
Uxin Limited (UXIN) announced its Q4 2020 financial results, reporting total revenues of RMB322.9 million (US$49.5 million), down from RMB466.4 million year-over-year. The company completed its transition to an inventory-owning model, with 99% of transactions from its own inventory. Gross margin improved to 2.9%, up from negative 22.4% in the previous quarter. Despite a net loss of RMB172.9 million (US$26.5 million), this was a significant decrease from RMB966.7 million a year ago. Uxin also revealed a strategic partnership with JD.com and potential investments of up to US$300 million from Asian funds.
Uxin Limited (Nasdaq: UXIN) announced a strategic partnership with JD.com on April 22, 2021, to launch a self-operated online store for used car transactions. This collaboration aims to provide consumers with a comprehensive online used car purchase experience, including inspection, purchasing, insurance, and aftersales services.
Uxin's Chairman, Kun Dai, expressed confidence in their ability to deliver high-quality service and capitalize on China's growing used car market by leveraging JD.com’s e-commerce capabilities and Uxin’s expertise.
Uxin Limited (Nasdaq: UXIN), a prominent online used car dealer in China, will announce its unaudited financial results for Q3 FY2021 on April 28, 2021, before U.S. market opening. This announcement follows the company's continued efforts to provide high-quality used cars and extensive purchasing services amid COVID-19 challenges. A conference call will be held the same day at 8:00 a.m. Eastern Time, with preregistration required for participants. Interested investors can access details on Uxin’s Investor Relations website.
Uxin Limited (Nasdaq: UXIN), a leading online used car dealer in China, announced a binding term sheet with two Asian funds for a potential investment of up to US$300 million. This investment targets the subscription of senior convertible preferred shares and is subject to the execution of definitive agreements. Uxin aims to enhance its operations and customer service through this potential funding, which underscores its commitment to providing high-quality used cars and comprehensive purchasing services nationwide.
Uxin Limited (Nasdaq: UXIN) announced the resignation of CFO Zhen Zeng for personal reasons. Feng Lin, previously Vice President of Finance, has been appointed as the new CFO. Lin has over 15 years of experience in finance and operations across various industries. His appointment is seen as a strategic move to strengthen Uxin's corporate strategy and financial management. Zeng will remain as an advisor on capital markets matters. The transition aims to ensure continuity in financial leadership as Uxin continues to offer quality used cars online.
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