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xin.com

Founded Year

2011

Stage

PIPE - IV | IPO

Total Raised

$960M

Market Cap

0.22B

Stock Price

0.61

About Uxin

Uxin (NASDAQ: UXIN) provides professional online transaction services for used cars. The company's core business covers online used car auctions, a retail B2C retail platform for used cars, and used car financing services. Uxin is dedicated to the development of the used car industry. Using both Internet and mobile Internet technologies, the company wants to help create a Chinese used car market with greater trust and efficiency, to make transactions between used car dealers and customers more convenient and trusting. The company was founded in 2011 and is based in Beijing, China.

Uxin Headquarter Location

2-5/F, Tower E, LSHM Center No.8 Guangshun South Avenue, Chaoyang District

Beijing, Beijing, 100102,

China

+86 10 5631-2700

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Research containing Uxin

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned Uxin in 1 CB Insights research brief, most recently on Jun 11, 2020.

Expert Collections containing Uxin

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Uxin is included in 3 Expert Collections, including E-Commerce.

E

E-Commerce

9,598 items

D

Digital Lending

1,603 items

This collection contains companies that provide alternative means for obtaining a loan for personal or business use and companies that provide software to lenders for the application, underwriting, funding or loan collection process.

A

Auto Commerce

536 items

Companies involved in the rental, selling, trading, or purchasing of cars, RVs, trucks, and fleets, including auto financing companies, vehicle auction services, online classified advertising companies with a focus on auto, and dealership software platforms.

Latest Uxin News

Uxin Reports Unaudited Fourth Quarter and Fiscal Year 2022 Financial Results

Jul 28, 2022

Highlights for the Quarter Ended March 31, 2022 Total revenues were RMB505.7 million (US$79.8 million) for the three months ended March 31, 2022, compared with RMB506.6 million in the last quarter and RMB196.0 million in the same period last year. Transaction volume was 4,231 units for the three months ended March 31, 2022, compared with 4,865 units in the last quarter and 1,719 units in the same period last year. Retail transaction volume was 1,848 units, an increase of 11.5% from 1,657 units in the last quarter. Gross margin was 0.2% for the three months ended March 31, 2022, compared with 4.1% in the last quarter and 4.6% in the same period last year. Loss from continuing operations was RMB109.5 million (US$17.3 million) for the three months ended March 31, 2022, compared with RMB72.8 million in the last quarter and RMB97.4 million in the same period last year. Non-GAAP adjusted loss from continuing operations was RMB96.1 million (US$15.2 million) for the three months ended March 31, 2022, compared with RMB68.6 million in the last quarter and RMB98.0 million in the same period last year. Highlights for the Fiscal Year Ended March 31, 2022 Total revenues were RMB1,636.1 million (US$258.1 million) for the fiscal year ended March 31, 2022, an increase of 148.9% from RMB657.4 million in the prior fiscal year. Transaction volume was 15,755 units for the fiscal year ended March 31, 2022, an increase of 49.1% from 10,566 units in the prior fiscal year. Gross margin was 2.9% for the fiscal year ended March 31, 2022, compared with negative 2.5% in the prior fiscal year. Loss from continuing operations was RMB278.9 million (US$44.0 million) for the fiscal year ended March 31, 2022, compared with RMB552.6 million in the prior fiscal year. Non-GAAP adjusted loss from continuing operations was RMB252.4 million (US$39.8 million) for the fiscal year ended March 31, 2022, compared with RMB571.7 million in the prior fiscal year. Mr. Feng Lin, Chief Financial Officer of Uxin, commented, “During the fourth quarter, we grew our retail revenue by 37% quarter-over-quarter and 156% year-over-year driven by higher retail transaction volume despite COVID and off-season impacts. Such impacts also compressed our gross margin in the quarter as we restructured our inventory. However, we expect our margin profile to gradually return to normal levels in the following quarters. The fiscal year of 2022 marked our first full year of operation under the inventory-owning model, which enabled us to achieve a 149% year-over-year increase in our total revenues of the year. Meanwhile, we continued to refine our operation management, optimize our cost structures, and improve operational efficiency. Consequently, we substantially narrowed our operating loss by 56% compared with fiscal year 2021 on a non-GAAP basis.” Mr. Lin added, “Last year, we announced the investment by NIO Capital and Joy Capital for a total amount of up to US$315 million. We have received US$150 million from the transaction and the investors retain their rights to exercise the warrants to purchase senior convertible preferred shares of up to US$165 million. We also closed an additional US$100 million follow-on financing transaction from NIO Capital. In addition, we recently completed the issuance of Class A ordinary shares to 58.com in exchange for the full release of the Company’s obligations under the convertible promissory note issued to 58.com and both parties' liabilities under certain historical transaction. We believe these arrangements allow us to substantially streamline our financial resources and devote more focus to the execution of our long-term growth strategy.” Financial Results for the Quarter Ended March 31, 2022 Total revenues were RMB505.7 million (US$79.8 million) for the three months ended March 31, 2022, compared with RMB506.6 million in the last quarter and an increase of 158.1% from RMB196.0 million in the same period last year. The year-over-year increases were driven by the growth of total transaction volume. Retail vehicle sales revenue was RMB319.3 million (US$50.4 million) for the three months ended March 31, 2022, representing an increase of 37.0% from RMB233.0 million in the last quarter and an increase of 156.2% from RMB124.6 million in the same period last year. For the three months ended March 31, 2022, retail transaction volume was 1,848 units, an increase of 11.5% from 1,657 units last quarter and an increase of 87.0% from 988 units in the same period last year. Despite the impact from the COVID-19 resurgence to the Company’s Xi’an IRC and Chinese New Year Holiday off-season, retail transaction volume achieved a solid growth quarter-over-quarter driven by the ramp up of the Company’s Hefei IRC launched in November 2021. Wholesale vehicle sales revenue was RMB179.7 million (US$28.3 million) for the three months ended March 31, 2022, compared with RMB265.9 million in the last quarter and RMB51.3 million in the same period last year. For the three months ended March 31, 2022, wholesale transaction volume was 2,383 units, representing a decrease of 25.7% from 3,208 units last quarter and an increase of 226.0% from 731 units in the same period last year. Wholesale vehicle sales refers to the vehicles the Company purchased from individuals but did not meet the Company’s retail standards thus were wholesaled through online and offline channels. Due to the impact of the COVID-19 resurgence and Chinese New Year Holiday off-season, the Company purchased less vehicles from individuals, resulting in less wholesale vehicle sales. Other revenue was RMB6.8 million (US$1.1 million) for the three months ended March 31, 2022, compared with RMB7.7 million in the last quarter and RMB20.1 million in the same period last year. Cost of revenues was RMB504.6 million (US$79.6 million) for the three months ended March 31, 2022, compared with RMB485.8 million in the last quarter and RMB187.0 million in the same period last year. Gross margin was 0.2% for the three months ended March 31, 2022, compared with 4.1% in the last quarter and 4.6% in the same period last year. In order to better meet the changes in customers' preference and improve the inventory turnover, we optimized the inventory structure, which led to the write-down of inventory, resulting in the decrease of gross margin during the reported quarter. Excluding the impact from the inventory write-down, the gross margin would be 4.0%. Total operating expenses were RMB119.4 million (US$18.8 million) for the three months ended March 31, 2022. Total operating expenses excluding the impact of share-based compensation were RMB106.0 million. Sales and marketing expenses were RMB67.8 million (US$10.7 million) for the three months ended March 31, 2022, compared with RMB68.0 million in the last quarter and an increase of 78.2% from RMB38.1 million in the same period last year. The year-over-year increase was mainly due to an increase in rental expenses as well as brand promotion expenses in Xi’an and Hefei where the Company’s IRCs are located. Share-based compensation expenses associated with sales and marketing expenses were nil during the quarter. General and administrative expenses were RMB40.7 million (US$6.4 million) for the three months ended March 31, 2022, representing an increase of 10.0% from RMB37.0 million in the last quarter and a decrease of 37.2% from RMB64.9 million in the same period last year. The quarter-over-quarter increase was mainly due to the impact of share-based compensation during the reported quarter. The year-over-year decrease was mainly due to lower employee compensation and benefits as well as a decrease in professional fees. General and administrative expenses excluding the impact of share-based compensation were RMB27.4 million. Research and development expenses were RMB8.4 million (US$1.3 million) for the three months ended March 31, 2022, representing a decrease of 25.1% from RMB11.3 million in the last quarter and a decrease of 41.2% from RMB14.3 million in the same period last year. The year-over-year decrease was primarily due to a decrease in employee compensation and benefits. Share-based compensation expenses associated with research and development expenses were nil during the quarter. Provision for credit losses, net was RMB2.4 million (US$0.4 million) for the three months ended March 31, 2022, mainly consisting of a slight provision for loans recognized as a result of payments under guarantees and other receivables. Loss from continuing operations was RMB109.5 million (US$17.3 million) in the three months ended March 31, 2022, compared with RMB72.8 million for the last quarter and RMB97.4 million in the same period last year. Non-GAAP adjusted loss from continuing operations which excludes the impact of share-based compensation was RMB96.1 million (US$15.2 million) in the three months ended March 31, 2022, compared with RMB68.6 million in the last quarter and RMB98.0 million for the same period last year. Fair value impact related to the senior convertible preferred shares resulted in a gain of RMB476.8 million (US$75.2 million) for the three months ended March 31, 2022, compared with a gain of RMB1,364.3 million in the last quarter. The impact was mainly due to the fair value change of the warrants and forward contracts issued in connection with the senior convertible preferred shares during the period. The fair value impact was a non-cash gain. Net income from continuing operations was RMB360.8 million (US$56.9 million) for the three months ended March 31, 2022, compared with RMB1,279.7 million for the last quarter and net loss RMB132.8 million for the same period last year. Non-GAAP adjusted net loss from continuing operations was RMB102.6 million (US$16.2 million) for the three months ended March 31, 2022, compared with RMB80.3 million in the last quarter and RMB133.4 million in the same period last year. Financial Results for the Fiscal Year Ended March 31, 2022 Total revenues were RMB1,636.1 million (US$258.1 million) for the fiscal year ended March 31, 2022, representing an increase of 148.9% from RMB657.4 million in the prior fiscal year. Total transaction volume was 15,755 units for the fiscal year ended March 31, 2022, an increase of 49.1% from 10,566 units in the prior fiscal year. The increase was primarily attributable to the increases in total transaction volume and the change in revenue recognition. Since the Company adopted its inventory-owing model in September 2020, the Company’s revenues in the fiscal year of 2022 were recognized on a gross basis, whereas a portion of the Company’s revenues in the prior fiscal year were recognized on a net basis due to prior commission related services provided under the previous business model. Retail vehicle sales revenue was RMB780.4 million (US$123.1 million) for the fiscal year ended March 31, 2022, representing an increase of 68.3% from RMB463.5 million in the prior fiscal year. For the fiscal year ended March 31, 2022, retail transaction volume was 5,211 units, an increase of 44.6% from 3,603 units in the prior fiscal year. Wholesale vehicle sales revenue was RMB823.4 million (US$129.9 million) for the fiscal year ended March 31, 2022, compared with RMB51.3 million in the prior fiscal year. Other revenue was RMB32.3 million (US$5.1 million) for the fiscal year ended March 31, 2022, compared with RMB65.4 million in the prior fiscal year. Cost of revenues was RMB1,588.4 million (US$250.6 million) for the fiscal year ended March 31, 2022, compared with RMB673.7 million in the prior fiscal year. Gross margin was 2.9% for the fiscal year ended March 31, 2022, compared with negative 2.5% in the prior fiscal year. The Company operated all its businesses under the inventory-owning model in this fiscal year while only a portion of its businesses were operated under the inventory-owning model in prior fiscal year as the Company adopted its inventory-owning model since September 2020, which led to different margin profiles. Total operating expenses were RMB408.7 million (US$64.5 million) for the fiscal year ended March 31, 2022. Total operating expenses excluding the impact of share-based compensation were RMB382.1 million. Sales and marketing expenses were RMB222.1 million (US$35.0 million) for the fiscal year ended March 31, 2022, representing a decrease of 34.5% from RMB339.0 million in the prior fiscal year. The decrease was mainly due to a decrease in employee compensation and benefits as well as a decrease in brand promotion costs. Share-based compensation expenses associated with sales and marketing expenses were nil. General and administrative expenses were RMB151.0 million (US$23.8 million) for the fiscal year ended March 31, 2022, representing a decrease of 45.7% from RMB277.9 million in the prior fiscal year. The decrease was mainly due to a lower employee compensation and benefit as well as a decrease in severance costs. General and administrative expenses excluding the impact of share-based compensation were RMB124.5 million. Research and development expenses were RMB36.2 million (US$5.7 million) for the fiscal year ended March 31, 2022, representing a decrease of 51.2% from RMB74.1 million in the prior fiscal year. The decrease was primarily due to a decrease in employee compensation and benefits as well as a decrease in rental expenses and depreciation. Share-based compensation expenses associated with research and development expenses were nil. Provision for credit losses, net resulted in a reversal of RMB0.7 million (US$0.1 million) for the fiscal year ended March 31, 2022. Loss from continuing operations was RMB278.9 million (US$44.0 million) for the fiscal year ended March 31, 2022, compared with RMB552.6 million in the prior fiscal year. Non-GAAP adjusted loss from continuing operations which excludes the impact of share-based compensation was RMB252.4 million (US$39.8 million) for the fiscal year ended March 31, 2022, compared with RMB571.7 million in the prior fiscal year. Fair value impact of the issuance of senior convertible preferred shares resulted in a gain of RMB186.2 million (US$29.4 million) for the fiscal year ended March 31, 2022. The impact was mainly due to the fair value change of the warrants and forward contracts issued in relation with the senior convertible preferred shares during the period. The fair value impact was a non-cash gain. Net loss from continuing operations was RMB143.2 million (US$22.6 million) for the fiscal year ended March 31, 2022, compared with RMB717.0 million in the prior fiscal year. Non-GAAP adjusted net loss from continuing operations was RMB302.9 million (US$47.8 million) for the fiscal year ended March 31, 2022, compared with RMB736.1 million in the prior fiscal year. Liquidity As of March 31, 2022, the Company had RMB128.0 million (US$20.2 million) in cash and cash equivalents. The cash and cash equivalents primarily consist of cash on hand and deposits placed with financial institutions that can be added to or withdrawn without limitation. The Company has been incurring losses from operations since the inception. The Company incurred net losses from continuing operations of RMB143.2 million (US$22.6 million) for the fiscal year ended March 31, 2022. Net current liabilities amounted to RMB424.3 million as of March 31, 2022. The Company is entitled to an investment amount of US$100 million for the subscription of the senior convertible preferred shares with an installment payment plan before June 2023. The Company also issued Class A ordinary shares to 58.com Holdings Inc. (“58.com”) in exchange for the full release of the Company’s obligations under the previously issued convertible notes which was further modified in July 2021. Concurrently, in order to settle a long-term borrowing, the Company entered into a loan agreement (which pledges an equity interest in an investment) for a total of RMB290 million with a third party. Meanwhile, the Company continues to optimize the cost and expense structure to improve the capital and operating efficiency of the business process. Considering all the actions mentioned above, which have alleviated the substantial doubt of its ability to continue as a going concern, the Company believes that its current cash and cash equivalents, cash proceeds received (or to be received) from the recent financing transactions and the anticipated cash flows from operations will be sufficient to meet its anticipated working capital requirements within the next twelve months of operations. Additionally, the Company has consideration payable to WeBank and long-term debt that will become due after the next twelve months of operations. These obligations, the rental commitment post completion of Hefei IRC and that the Company may continue to incur net losses and negative cash flows from operation will impact its liquidity. Concurrently, as part of the shares subscription agreement the Company entered into with NIO Capital and Joy Capital (the “Investors”) in June 2021, the Investors retain their rights to exercise the warrants to purchase senior convertible preferred shares of up to US$165 million. The management’s plan to mitigate the liquidity status due to the maturity of these obligations includes: (i) negotiating with the Investors to exercise their warrants; and (ii) restructuring existing obligations to reduce cash payments; and (iii) working on several other initiatives to further improve its working capital efficiency. Recent Development On June 30, 2022, the Company entered into definitive agreements with an affiliate of NIO Capital for the subscription of 714,285,714 senior convertible preferred shares of the Company for an aggregate amount of US$100 million, which will be paid in multiple installments. The 714,285,714 senior convertible preferred shares have been issued accordingly on July 27, 2022 and the first installment has been received. On July 27, 2022, NIO Capital assigned its rights and obligations to an independent third party to subscribe for 14,564,520 senior convertible preferred shares (equivalent to 4,854,840 American Depositary Shares (“ADSs”) upon conversion) for a total price of US$5 million under the second closing of the financing transaction with NIO Capital and Joy Capital (collectively, the “Investors”) entered into in June 2021. The Company has closed and received the US$5 million through the issuance of a total of 14,564,520 senior convertible preferred shares to the independent third party. Following this closing, the second closing of this financing transaction for US$50 million has been completed. In addition, the Investors as the warrant holders in the transaction still retain the right to exercise the US$165 million warrants. On July 19, 2022, the Company issued 183,495,146 Class A ordinary shares (equivalent to 61,165,048 ADSs), par value US$0.0001 per share, to 58.com Holdings Inc. (“58.com”) in exchange for the full release of the Company’s obligations under the convertible promissory note issued to 58.com on June 10, 2019 (such note, as amended, the “58.com Note”). These shares were issued at a price equivalent to US$1.03 per ADS. The 58.com Note was extinguished upon such issuance of shares. In connection with the foregoing transaction, the Company and 58.com have mutually released the other party from claims arising out of certain obligations under certain historical transactions. On July 26, 2022, the Company published its first Environmental, Social and Governance (ESG) Report (https://ir.xin.com/esg), highlighting the Company’s ESG initiatives and achievements. Business Outlook The Company expects its total revenues to be in the range of RMB600 million to RMB620 million for the three months ended June 30, 2022. This forecast reflects our current and preliminary views on the market and operational conditions, which are subject to changes. Conference Call The Company’s management will host an earnings conference call on July 28, 2022 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong time on the same day). Due to the outbreak of COVID-19, operator assisted conference calls are not available at the moment. All participants must preregister online prior to the call to receive the dial-in details. Conference Call Preregistration Participants can register for the conference call by navigating to https://s1.c-conf.com/diamondpass/10023949-fm5h32.html . Once preregistration has been completed, participants will receive dial-in numbers, an event passcode, and a unique registrant ID. To join the conference, please dial the number you receive, enter the event passcode followed by your unique registrant ID, and you will be joined to the conference instantly. A telephone replay of the call will be available after the conclusion of the conference call until August 4, 2022. The dial-in details for the replay are as follows: U.S.:   A live webcast and archive of the conference call will be available on the Investor Relations section of Uxin’s website at http://ir.xin.com . About Uxin Uxin Limited (Nasdaq: UXIN) is a leading nationwide online used car dealer in China. With its offerings of high-quality used cars and best-in-class purchasing services, Uxin’s mission is to enable people to buy the car of their choice online. Uxin’s one-stop online shopping mall provides consumers with a nationwide selection of value-for-money used cars, various value-added products and services as well as comprehensive aftersales services. Its online sales consultants offer professional consulting to facilitate a convenient and efficient car purchase for consumers in a timely fashion. Its comprehensive fulfillment network supports nationwide logistics and delivery as well as title transfers between different cities across China so as to fulfill these online transactions. Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses certain non-GAAP measures, including adjusted loss from continuing operations and adjusted net loss from continuing operations and adjusted net loss from continuing operations per share – basic and diluted, as supplemental measures to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted loss from continuing operations as loss from continuing operations excluding share-based compensation. The Company defines adjusted net loss from continuing operations as net loss from continuing operations excluding the impact of share-based compensation and the fair value impact of the issuance of senior convertible preferred shares, including the troubled debt restructuring gain. The Company defines adjusted net loss from continuing operations per share basic and diluted as net loss from continuing operations per share excluding the impact of share-based compensation and the fair value impact of the issuance of senior convertible preferred shares, including the troubled debt restructuring gain. The Company presents the non-GAAP financial measure because it is used by the management to evaluate its operating performance and to formulate business plans. Adjusted net loss from continuing operations enables management to assess the Company’s operating results without considering the impact of share-based compensation and fair value impact of the issuance of senior convertible preferred shares, including the troubled debt restructuring gain, which are non-cash charge or credits. The Company also believes that the use of the non-GAAP measure facilitates investors' assessment of its operating performance as this measure excludes certain expenses that are not expected to result in cash payments. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using adjusted net loss from continuing operations is that it does not reflect all items of income and expense that affect the Company’s operations. Share-based compensation and the fair value impact of the issuance of senior convertible preferred shares have been and may continue to be incurred in the business and are not reflected in the presentation of adjusted net loss from continuing operations, and adjusted net loss from continuing operations per share basic and diluted. Further, non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of Uxin’s non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader, except for those transaction amounts that were actually settled in U.S. dollars. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.3393 to US$1.00, representing the index rate as of March 31, 2022 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Uxin’s strategic and operational plans, contain forward-looking statements. Uxin may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Uxin’s beliefs 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: impact of the COVID-19 pandemic, Uxin’s goal and strategies; its expansion plans; 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. Further information regarding these and other risks is included in Uxin’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Uxin does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media enquiries, please contact: Uxin Limited Investor Relations

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  • When was Uxin founded?

    Uxin was founded in 2011.

  • Where is Uxin's headquarters?

    Uxin's headquarters is located at 2-5/F, Tower E, LSHM Center, Beijing.

  • What is Uxin's latest funding round?

    Uxin's latest funding round is PIPE - IV.

  • How much did Uxin raise?

    Uxin raised a total of $960M.

  • Who are the investors of Uxin?

    Investors of Uxin include NIO Capital, JOY Capital, GIC, Baidu AI Accelerator, Warburg Pincus and 15 more.

  • Who are Uxin's competitors?

    Competitors of Uxin include TRED, Chehaoduo, Auto1 Group, Shift Technologies, SouChe Holdings and 8 more.

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