Uxin Provides Updates on Payments Under Financing Transaction with NIO Capital

Rhea-AI Summary

Uxin Limited (Nasdaq: UXIN) announced that NIO Capital has made further payments for its subscription of senior convertible preferred shares. The total investment is US$100 million for 714,285,714 shares, with installments scheduled over time. This follows the initial issuance of shares on July 27, 2022, when the first installment was received. Uxin continues to lead in the Chinese used car e-commerce market, focusing on customer-centric services through both online and offline channels.

Positive

• Receipt of further payments from NIO Capital for convertible preferred shares enhances liquidity.
• Commitment of US$100 million investment indicates confidence in Uxin's business model.

Negative

• None.

BEIJING, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), a leading e-commerce platform for buying and selling used cars in China, today announced that NIO Capital has made further payments for its subscription of senior convertible preferred shares of the Company based on further agreed-upon schedules. As previously disclosed, the Company has entered into definitive agreements with an affiliate of NIO Capital in June 2022 for the subscription of 714,285,714 senior convertible preferred shares of the Company for an aggregate investment amount of US$100 million, which will be paid in multiple installments. The same number of senior convertible preferred shares were issued on July 27, 2022 and the Company received the first installment in connection with the closing of the transaction.

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 customer-centric approach and driving the healthy development of the used car industry.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about Uxin’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the risk and uncertainties as to the timing of the entry into definitive agreements or consummation of the transactions; the risk that certain closing conditions of the transactions may not be satisfied on a timely basis, or at all; impact of the COVID-19 pandemic; Uxin’s goal and strategies; its expansion plans and successful completion of certain financing transactions; its future business development, financial condition and results of operations; Uxin’s expectations regarding demand for, and market acceptance of, its services; its ability to provide differentiated and superior customer experience, maintain and enhance customer trust in its platform, and assess and mitigate various risks, including credit; its expectations regarding maintaining and expanding its relationships with business partners, including financing partners; trends and competition in China’s used car e-commerce industry; the laws and regulations relating to Uxin’s industry; the general economic and business conditions; and assumptions underlying or related to any of the foregoing.

For investor and media enquiries, please contact:

Uxin Limited Investor Relations
Ms. Joyce Tang
Phone: +86 10 5691-6765
Email: ir@xin.com

The Blueshirt Group
Jack Wang
Phone: +86 166-0115-0429
Email: Jack@blueshirtgroup.com

FAQ

What recent funding has Uxin received from NIO Capital?

Uxin has received further payments for its subscription of senior convertible preferred shares from NIO Capital, totaling US$100 million.

How many convertible preferred shares has Uxin issued?

Uxin has issued 714,285,714 senior convertible preferred shares as part of the investment.

What is the significance of the payments from NIO Capital?

The payments from NIO Capital enhance Uxin's liquidity and indicate investor confidence in its business strategy.

When was the first installment of Uxin's funding received?

The first installment was received on July 27, 2022, during the closing of the convertible preferred shares transaction.

What is Uxin's business focus?

Uxin is focused on the e-commerce platform for buying and selling used cars in China, emphasizing high-quality service and customer experience.