BEIJING, July 8, 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
Zhengzhou Airport Automobile Industry Co., Ltd. ("Zhengzhou Airport
Industry") to establish Uxin (Zhengzhou) Intelligent Remanufacturing Co.,
Ltd. (the "Joint Venture"). Pursuant to the joint venture
agreement, Uxin (Anhui) Industrial
Investment Co., Ltd. ("Uxin Anhui"), a wholly-owned subsidiary of
Uxin, will contribute RMB120.0
million and Zhengzhou Airport Industry will contribute
RMB50.0 million, representing
approximately 70% and 30% 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 Zhengzhou.
This initiative is a key collaboration between Uxin and Zhengzhou
Airport Industry to promote the development of the automotive
aftermarket industry in the Henan
Province and to build a leading brand in China's used car industry.
Mr. Kun Dai, Chairman and Chief
Executive Officer of Uxin, commented, "Zhengzhou Airport's
strategic location, business-friendly environment, established
automotive industry, and mature supply chain strongly support
Uxin's business growth. With ongoing local government support, Uxin
can now focus resources on producing high-quality used cars in
advanced factories. Additionally, Uxin aims to provide a top-tier
retail service experience based on new retail concepts as well as
improve large-scale vehicle operations using its digital
capabilities. These efforts align with Uxin's mission to transform
and elevate China's used car
industry."
Zhengzhou Airport Industry, with a registered capital of
RMB1.0 billion, is a wholly-owned
subsidiary of Zhengzhou Airport Economy Zone Technology Innovation
Investment Group Co., Ltd ("Zhengzhou Airport Investment Group").
Zhengzhou Airport Investment Group, with a registered capital of
RMB20.0 billion, is a state-owned
enterprise under the management of the Zhengzhou Airport Economy
Zone Administrative Committee, with a credit rating of AA+. As of
the end of 2023, Zhengzhou Airport Investment Group controlled
and/or invested in 58 enterprises with combined total assets of
approximately RMB30.0 billion and net
assets of approximately RMB10.0
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
Phone:
+86 10 5691-6765
Email: ir@xin.com
The Blueshirt Group
Mr.
Jack Wang
Phone: +86
166-0115-0429
Email:
Jack@blueshirtgroup.com
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SOURCE Uxin Limited