Uxin Announces Change of Fiscal Year End

Rhea-AI Summary

Uxin (Nasdaq: UXIN), China's leading used car retailer, announced a change in its fiscal year end from March 31 to December 31. The change, effective immediately, aims to align financial reporting with global standards and industry practices, improving peer comparability. This modification will help the company better synchronize operational planning and reporting cycles with market trends and customer demands, facilitating more effective stakeholder communication.

Positive

• Alignment with global financial reporting standards may improve transparency and comparability
• Better synchronization with market trends could enhance operational efficiency

Negative

• None.

BEIJING, Nov. 25, 2024 /PRNewswire/ -- Uxin Limited ("Uxin" or the "Company", together with its subsidiaries, the "Group") (Nasdaq: UXIN), China's leading used car retailer, today announced that the Company's board of directors approved a change of the Company's fiscal year end from March 31 to December 31 each year.

The primary purpose of this change is to streamline the Company's financial reporting with global standards and align with industry practices, enhancing comparability with peers. This adjustment also allows the Company to better synchronize operational planning and reporting cycles with market trends and customer demands, ensuring more effective communication with stakeholders and investors. The change of fiscal year end is effective immediately.

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

 

View original content:https://www.prnewswire.com/news-releases/uxin-announces-change-of-fiscal-year-end-302315166.html

SOURCE Uxin Limited

FAQ

When did Uxin (UXIN) change its fiscal year end?

Uxin announced the change of its fiscal year end from March 31 to December 31 on November 25, 2024, with immediate effect.

Why did Uxin (UXIN) change its fiscal year end?

Uxin changed its fiscal year end to streamline financial reporting with global standards, align with industry practices, enhance peer comparability, and better synchronize operational planning with market trends.

What is Uxin's (UXIN) new fiscal year end date?

Uxin's new fiscal year end date is December 31, changed from the previous March 31 date.