BEIJING, Oct. 16,
2024 /PRNewswire/ -- Uxin Limited ("Uxin" or the
"Company", together with its subsidiaries, the "Group") (Nasdaq:
UXIN), China's leading used car
retailer, today announced a strategic partnership with Wuhan City
Economic & Technological Development Zone. The Company will
establish a joint venture with Wuhan Junshan Urban Asset Operation
Co., Ltd. ("Wuhan Junshan"), a company indirectly controlled
by Wuhan City Economic & Technological Development Zone.
Pursuant to the joint venture agreement, Uxin (Anhui) Industrial Investment Co., Ltd. ("Uxin
Anhui"), a wholly-owned subsidiary of Uxin, will contribute
RMB66.7 million and Wuhan Junshan
will contribute RMB33.3 million,
representing approximately 66.7% and 33.3% of the joint venture's
total registered capital, respectively.
The joint venture aims to support Uxin's plan to establish a new
used car super store in Wuhan
City, Hubei Province. Wuhan City is one of the top ten cities in
China, with a permanent population
of approximately 12 million and a GDP of approximately RMB2.0 trillion. Wuhan City has a car volume of over 4 million,
making it one of the major automotive markets in China. The formation of the joint venture is a
key collaboration for Uxin to promote the development of the
automotive aftermarket industry in the Hubei Province and to build a leading brand in
China's used car industry.
Wuhan Junshan is a company indirectly controlled by the
State-owned Assets Supervision and Administration Bureau of Wuhan
City Economic & Technological Development Zone and is a
wholly-owned subsidiary of Wuhan Junshan Xincheng Technology
Investment Group Co., Ltd. ("Junshan Xincheng"). The assets of
Junshan Xincheng is RMB18.6
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
Uxin Limited
Email: ir@xin.com
The Blueshirt Group
Mr. Jack Wang
Phone: +86 166-0115-0429
Email: Jack@blueshirtgroup.co
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SOURCE Uxin Limited