Uxin Enters into Joint Venture Agreement with Shijiazhuang State-Owned Enterprise
Uxin (Nasdaq: UXIN) announced a joint venture with state-owned Hebei Chengying to support a new used car superstore in Shijiazhuang.
Rhea-AI Summary
Uxin (Nasdaq: UXIN) announced a joint venture with state-owned Hebei Chengying to support a new used car superstore in Shijiazhuang.
Uxin Anhui will invest RMB30.0 million for a 75% stake, while Hebei Chengying will invest RMB10.0 million for 25%, targeting North China's automotive aftermarket growth.
Positive
- Joint venture with Shijiazhuang state-owned enterprise Hebei Chengying
- Uxin holds approximately 75% of joint venture registered capital
- RMB30.0 million investment supports new Shijiazhuang used car superstore
- Project aims to build regional used car circulation and service hub for North China
Negative
- Uxin commits RMB30.0 million capital to the new joint venture
Details
News Market Reaction – UXIN
In the Jun 2 session, UXIN gained 0.87%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
- Uxin Anhui JV contribution
- RMB30.0 million
- Capital contribution to Shijiazhuang Joint Venture
- Hebei Chengying JV contribution
- RMB10.0 million
- Capital contribution to Shijiazhuang Joint Venture
- Uxin JV ownership
- 75%
- Ownership share in Shijiazhuang Joint Venture
- Hebei Chengying ownership
- 25%
- Ownership share in Shijiazhuang Joint Venture
- Shijiazhuang population
- over 11 million
- City population cited as target market
- Registered vehicles
- more than 4 million
- Registered vehicles in Shijiazhuang market
Previous Partnership Reports
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Joint venture with Jiangyin state-owned partners to back a new superstore.
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Partnership with Tianjin authorities to develop a large regional superstore hub.
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Collaboration with Yinchuan authorities to expand superstore network into northwest China.
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Strategic partnership to build a large Guangzhou used car superstore for Southern China.
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Partnership with CATL’s subsidiary to develop a battery swapping ecosystem for used cars.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
The establishment of the Joint Venture reflects an important collaboration between Uxin and state-owned enterprises in
Mr. Wenbing Jing, President of Uxin, stated: "As the capital of
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
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