[S-8] Uxin Limited ADS Employee Benefit Plan Registration

Rhea-AI Filing Summary

On 11 Jul 2025, NexPoint Residential Trust (NXRT) and its operating partnership entered into a new $200 million secured revolving credit facility with JPMorgan Chase and other lenders. The facility can be upsized by a further $200 million, giving potential total capacity of $400 million.

The revolver matures 30 Jun 2028 and may be extended one year for a 0.15% fee. Borrowings accrue interest at the Company’s option of (i) daily SOFR or term SOFR + 1.50%–2.25% or (ii) a base rate + 0.50%–1.25%, with the margin set by NXRT’s leverage ratio. Unused commitments are charged a 0.20%–0.30% fee, and amounts may be prepaid at any time without penalty.

The facility is guaranteed by NXRT and secured by proceeds from equity and capital events plus equity pledges in subsidiaries that own mortgaged property. Covenants include maximum total leverage and payout ratios, minimum fixed-charge coverage, tangible net worth, debt yield and cash-reserve requirements. Default would permit lenders to terminate commitments and demand immediate repayment.

Raymond James, a lender under the agreement, also serves as sales agent for NXRT’s at-the-market equity program.

Positive

• $200 million revolving credit facility immediately boosts liquidity and can be upsized to $400 million.
• Maturity to June 2028 with a one-year extension provides medium-term funding certainty.
• No prepayment penalties allow NXRT to refinance or deleverage without cost.

Negative

• Facility is secured and covenant-heavy, potentially limiting operational and financial flexibility.
• SOFR-based variable rates expose NXRT to future interest-rate increases.

Insights

Financial Analyst

TL;DR: New $200M revolver enhances NXRT liquidity; leverage-linked pricing modest; overall positive.

This revolver meaningfully increases NXRT’s dry powder for acquisitions, capex and working capital, and can double to $400 million if required. The 3-year tenor (plus one-year option) aligns with apartment REIT cash-flow visibility while avoiding near-term refinancing risk. Pricing of SOFR + 1.50%–2.25% is competitive for a mid-cap REIT and scales with leverage, encouraging balance-sheet discipline. Absence of prepayment penalties gives flexibility to refinance if capital-markets conditions improve. Overall, the facility strengthens NXRT’s liquidity profile and supports growth.

Risk Analyst

TL;DR: Secured, covenant-heavy facility raises leverage and lender control; neutral impact.

The revolver is secured by equity pledges and capital-event proceeds, elevating creditor claims ahead of unsecured noteholders. Stringent covenants—maximum leverage, payout limits, fixed-charge coverage and tangible net-worth thresholds—could restrict dividend policy or growth initiatives during downturns. Variable SOFR pricing leaves earnings exposed to rate volatility. While liquidity improves, balance-sheet risk modestly rises, producing a neutral net impact.

As filed with the Securities and Exchange Commission on July 16, 2025

Registration No. 333-______

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-8

REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933

UXIN Limited

(Exact name of registrant as specified in its charter)

Cayman Islands		Not Applicable
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

Uxin Limited

21/F, Donghuang Building
No. 16 Guangshun South Avenue
Chaoyang District, Beijing 100102
People’s Republic of China
+86 10 5691-6765

(Address, Including Zip Code, and Telephone Number, Including Area Code, of registrant’s Principal Executive Offices)

2018 FOURTH AMENDED AND

RESTATED SHARE INCENTIVE

PLAN

(Full title of the plans)

Cogency Global Inc.
122 East 42nd Street, 18th Floor,
New York, NY 10168
(212) 947-7200

(Name, address and telephone number, including area code, of agent for service)

	Copies to:
Feng Lin Chief Financial Officer Uxin Limited 21/F, Donghuang Building No. 16 Guangshun South Avenue Chaoyang District, Beijing 100102 People’s Republic of China +86 10 5691-6765		Li He, Esq. Davis Polk & Wardwell LLP c/o 10th Floor, The Hong Kong Club building, 3A Chater Road, Central Hong Kong +852 2533-3300

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐		Accelerated filer ☐
Non-accelerated filer ☒ (Do not check if a smaller reporting company)		Smaller reporting company ☐
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

Part I

Information Required in the Section 10(A) Prospectus

Item 1. Plan Information¹

Item 2. Registrant Information and Employee Plan Annual Information¹

Part II
Information Required in the Registration Statement

Item 3. Incorporation of Documents by Reference

The following documents previously filed with the Securities and Exchange Commission (the “Commission”) by the Registrant are incorporated herein by reference.

(1) The Registrant’s transition report on Form 20-F for the fiscal year ended December 31, 2024 filed on April 30, 2025 pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); and

(2) The description of the Registrant’s Class A ordinary shares incorporated by reference to Exhibit 3.1 of the annual report on Form 20-F filed by the Registrant with the Securities and Exchange Commission on May 12, 2020, including any amendment and report subsequently filed for the purpose of updating that description.

All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that all securities offered have been sold, or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein, or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference herein, modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

Item 4. Description of Securities

Not applicable.

Item 5. Interest of Named Experts and Counsel

Not applicable.

Item 6. Indemnification of Directors and Officers

Cayman Islands law does not limit the extent to which a company’s articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences or committing a crime. The Registrant’s amended and restated articles of association, adopted by its shareholders on June 1, 2018, provide that the Registrant shall indemnify each of its directors and officers against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such indemnified person, other than by reason of such person’s own dishonesty, willful default or fraud, in or about the conduct of the Registrant’s business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such indemnified person in defending (whether successfully or otherwise) any civil proceedings concerning the Registrant or its affairs in any court whether in the Cayman Islands or elsewhere.

¹ Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act and the Note to Part I of Form S-8. The documents containing information specified in this Part I will be separately provided to the participants in the Plan covered by this Registration Statement, as specified by Rule 428(b)(1) under the Securities Act.

Pursuant to the indemnification agreements, the form of which was filed as Exhibit 10.2 to the Registrant’s registration statement on Form F-1, as amended (File No. 333-225266), the Registrant has agreed to indemnify its directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or officer.

The Underwriting Agreement, the form of which was filed as Exhibit 1.1 to the Registrant’s registration statement on Form F-1, as amended (File No. 333-225266), also provides for indemnification by the underwriters of the Registrant and its directors and officers for certain liabilities, including liabilities arising under the Securities Act, but only to the extent that such liabilities are caused by information relating to the underwriters furnished to the Registrant in writing expressly for use in such registration statement and certain other disclosure documents.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

The Registrant also maintains a directors and officers liability insurance policy for its directors and officers.

Item 7. Exemption From Registration Claimed

Not applicable.

Item 8. Exhibits

The Exhibits listed on the accompanying Exhibit Index are filed as a part of, or incorporated by reference into, this Registration Statement (See Exhibit Index below).

Item 9. Undertakings

(a) The undersigned Registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement; and

(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

Exhibit Index

Exhibit Number		Description of Exhibit
4.1		Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated by reference to Exhibit 3.2 of the registration statement on Form F-1/A (file no. 333-225266), as amended, filed by the Registrant with the Securities and Exchange Commission on June 1, 2018)
4.2		Registrant’s Specimen Certificate for Ordinary Shares (incorporated by reference to Exhibit 4.2 of the registration statement on Form F-1/A (file no. 333-225266), as amended, filed by the Registrant with the Securities and Exchange Commission on June 13, 2018)
4.3		Deposit Agreement, among the Registrant, the depositary and the holders and beneficial owners of American Depositary Shares issued thereunder dated June 27, 2018 (incorporated by reference to Exhibit 4.3 of the registration statement on Form S-8 (file no. 333-227576), filed by the Registrant with the Securities and Exchange Commission on September 28, 2018)
5.1		Opinion of Maples and Calder (Hong Kong) LLP (filed herewith)
10.1		2018 Fourth Amended and Restated Share Incentive Plan (filed herewith)
23.1		Consent of Maples and Calder (Hong Kong) LLP (included in Exhibit 5.1)
23.2		Consent of PricewaterhouseCoopers Zhong Tian LLP (filed herewith)
24.1		Power of Attorney (included on the signature page of this Registration Statement)
107		Filing Fee Table (filed herewith)

Signatures

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Beijing, China, on July 16, 2025.

	Uxin Limited
	By:	/s/ Kun Dai
	Name:	Kun Dai
	Title:	Chairman of the Board of Directors and Chief Executive Officer

Power of Attorney

Each person whose signature appears below constitutes and appoints Mr. Kun Dai and Mr. Feng Lin, as his true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him and in his name, place, and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments, exhibits thereto and other documents in connection therewith) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on July 16, 2025.

	By:	/s/ Kun Dai
	Name:	Kun Dai
	Title:	Chairman of the Board and Chief Executive Officer
	By:	/s/ Bin Li
	Name:	Bin Li
	Title:	Director
	By:	/s/ Erhai Liu
	Name:	Erhai Liu
	Title:	Director
	By:	/s/ Cheng Lu
	Name:	Cheng Lu
	Title:	Independent Director
	By:	/s/ Li Ying
	Name:	Li Ying
	Title:	Independent Director
	By:	/s/ John Zhuang Yang
	Name:	John Zhuang Yang
	Title:	Independent Director

Signature of Authorized Representative in the United States

Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of Uxin Limited, has signed this registration statement or amendment thereto in New York on July 16, 2025.

	Authorized U.S. Representative
	Cogency Global Inc.
	By:	/s/ Colleen A. De Vries
	Name:	Colleen A. De Vries
	Title:	Senior Vice President on behalf of Cogency Global Inc.

FAQ

What is the size of NexPoint Residential Trust's new credit facility?

NXRT entered into a $200 million revolving credit facility that can be increased to $400 million with lender consent.

When does the NXRT revolver mature and can it be extended?

The facility matures on 30 June 2028 and includes a one-year extension option for a 0.15% fee.

What are the interest rate terms on the new revolver?

Borrowings bear interest at SOFR + 1.50%–2.25% or a base rate + 0.50%–1.25%, depending on NXRT’s leverage ratio.

Are there fees on unused commitments under the credit facility?

Yes. Unused portions are subject to a 0.20%–0.30% commitment fee based on quarterly utilization.

Does the credit agreement include prepayment penalties?

No. Amounts outstanding may be prepaid at any time without premium or penalty.

What key covenants are attached to the facility?

NXRT must meet maximum leverage and payout ratios, minimum fixed-charge coverage, tangible net worth, debt yield and cash-reserve requirements.