BEIJING, Sept. 20,
2023 /PRNewswire/ -- Uxin Limited ("Uxin" or the
"Company", together with its subsidiaries, the "Group") (Nasdaq:
UXIN), China's leading used car
retailer, today announced that it has entered into an equity
investment agreement (the "Agreement") with Hefei Construction
Investment North City Industrial Investment Co., Ltd. ("Hefei
Construction Investment"). Pursuant to the Agreement, Hefei
Construction Investment has committed to invest up to RMB1.5 billion in Uxin's wholly-owned
Hefei subsidiary, Youxin
(Hefei) Automobile Intelligent
Remanufacturing Co., Ltd. ("Uxin Hefei"), over the next decade in
multiple instalments. This investment will support the operation
and development of Uxin's used car super store ("Changfeng
Superstore") in Changfeng County, Hefei City. Following the completion of the
investment, Hefei Construction Investment's equity ownership in
Uxin Hefei will not exceed 50% (exclusive), and Uxin retains the
right to repurchase such equity stake. This investment will not
dilute Uxin Limited's shares listed on NASDAQ.
The Changfeng Superstore, developed by Uxin, has a total
construction area of 450,000 square meters, comprising one of the
world's most advanced used car reconditioning factories and the
world's largest used car warehouse-style showrooms capable of
showcasing up to 10,000 vehicles. Changfeng Superstore has recently
completed constructions and commenced trial operations. The
Changfeng Superstore serves as Uxin's central hub for its expansion
plans in the used car industry, anchoring in Hefei City and extending its reach across the
Anhui Province and facilitating
sales nationwide. It is an important joint initiative for both Uxin
and the local governments of Hefei
City to promote the development of the automotive aftermarket
industry in the Anhui Province and
build a leading brand in China's
used car industry.
Mr. Kun Dai, Chairman and Chief
Executive Officer of Uxin, commented, "Hefei City's strategic location, conducive
business environment, developed automotive industry, and mature
upstream and downstream supply chains provide tremendous support
for Uxin's business growth. With the continued support from the
local governments, we are now better positioned to concentrate
resources and produce high-quality used cars in advanced factories.
Additionally, we aim to provide a top-tier retail service
experience grounded in new retail concepts as well as improve our
efficiency in vehicle operations at a super-large-scale by
leveraging our digital capabilities. These efforts align with our
mission to transform and elevate China's used car industry."
Hefei Construction Investment North City Industrial Investment
Co., Ltd. was jointly funded by Hefei Lanke Investment Co., Ltd.
and Hefei North City Construction Investment (Group) Co., Ltd.
Hefei Lanke Investment Co., Ltd. is a wholly-owned subsidiary of
Hefei City Construction Investment Holding (Group) Co., Ltd., which
is an investment platform of the Hefei State-owned Assets
Supervision and Administration Commission and manages assets
exceeding RMB600 billion. Hefei North
City Construction Investment (Group) Co., Ltd. is an investment and
development arm of Changfeng County of Hefei City, with assets under management
totaling approximately RMB50
billion.
About Uxin
Uxin is China's leading used
car retailer, pioneering industry transformation with advanced
production, new retail experiences, and digital empowerment. 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 selected 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
Email: ir@xin.com
The Blueshirt Group
Jack Wang
Phone: +86 166-0115-0429
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SOURCE Uxin Limited
