NIO Capital and Joy Capital Invest in Uxin
Posted on 06/18/2021
Revealed on June 15, 2021, listed company Uxin Limited (Nasdaq: UXIN), a nationwide online used car dealer in China, entered into definitive agreements with NIO Capital and Joy Capital, pursuant to which both investors have agreed to invest a total of up to US$ 315 million in the company.
Concurrently, Uxin agreed with its convertible notes holders, including 58.com, TPG Capital, and Warburg Pincus, to convert their convertible notes in an aggregate principal amount of US$ 69 million into Class A ordinary shares of Uxin. Over ten key investors, including NIO Capital, Joy Capital and the above mentioned convertible notes holders will agree not to sell their shares in Uxin in the next nine months. The transaction is subject to customary closing conditions stipulated in the agreements.
Mr. William Bin Li, Chairman of NIO Inc. and Managing Partner of NIO Capital, commented in the press release, “The used car market has exponential growth potential in China. As one of the leading online used car dealers in China, Uxin relies on a one-stop business model to provide car buyers nationwide with high quality vehicles and comprehensive after-sales services. Uxin has effectively tackled critical problems that affect traditional dealers. We believe Uxin will continue to lead the development of the domestic used car market and help transform the industry to new heights of quality and reliability.”