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Chinese Used Car Dealer Uxin Secures $315M Financing

Uxin Ltd (NASDAQ:UXIN) inked agreements with NIO Capital and Joy Capital to invest a total of up to $315 million in…
byAnusuya Lahiri
June 15, 2021
1 minute read
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  • Uxin Ltd (NASDAQ: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 (NYSE: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.
 
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