UXIN - Uxin Announces RMB1.5 Billion Equity Investment in Its Hefei Subsidiary | Benzinga
BEIJING, Sept. 20, 2023 /PRNewswire/ -- Uxin Limited ("Uxin" or the "Company", together with its subsidiaries, the "Group") (NASDAQ:UXIN), China's leading used car retailer, today announced that it has entered into an equity investment agreement (the "Agreement") with Hefei Construction Investment North City Industrial Investment Co., Ltd. ("Hefei Construction Investment"). Pursuant to the Agreement, Hefei Construction Investment has committed to invest up to RMB1.5 billion in Uxin's wholly-owned Hefei subsidiary, Youxin (Hefei) Automobile Intelligent Remanufacturing Co., Ltd. ("Uxin Hefei"), over the next decade in multiple instalments. This investment will support the operation and development of Uxin's used car super store ("Changfeng Superstore") in Changfeng County, Hefei City. Following the completion of the investment, Hefei Construction Investment's equity ownership in Uxin Hefei will not exceed 50% (exclusive), and Uxin retains the right to repurchase such equity stake. This investment will not dilute Uxin Limited's shares listed on NASDAQ.
The Changfeng Superstore, developed by Uxin, has a total construction area of 450,000 square meters, comprising one of the world's most advanced used car reconditioning factories and the world's largest used car warehouse-style showrooms capable of showcasing up to 10,000 vehicles. Changfeng Superstore has recently completed constructions and commenced trial operations. The Changfeng Superstore serves as Uxin's central hub for its expansion plans in the used car industry, anchoring in Hefei City and extending its reach across the Anhui Province and facilitating sales nationwide. It is an important joint initiative for both Uxin and the local governments of Hefei City to promote the development of the automotive aftermarket industry in the Anhui Province and build ...