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Venture Capital
FINANCIAL | Investment Firms & Funds
joycapital.com.cn

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Investments

98

Portfolio Exits

5

Funds

4

About JOY Capital

JOY Capital invests in startups of both early and growth stages and focuses on TMT and innovative consumption sectors.

JOY Capital Headquarter Location

1501, Tower B, Greenland Center No.4, Wangjing DongYuan, Chaoyang District

Beijing, Beijing,

China

+86-10-65025988

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Research containing JOY Capital

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CB Insights Intelligence Analysts have mentioned JOY Capital in 6 CB Insights research briefs, most recently on Feb 27, 2020.

Latest JOY Capital News

Uxin Reports Unaudited First Quarter of Fiscal Year 2022 Financial Results

Sep 24, 2021

09/24/2021 | 03:36am EDT Message : *Required fields BEIJING, Sept. 24, 2021 (GLOBE NEWSWIRE) -- Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), a leading nationwide online used car dealer in China, today announced its unaudited financial results for the quarter ended June 30, 2021. Highlights for the Quarter Ended June 30, 2021 Transaction volume was 3,011 units for the three months ended June 30, 2021, compared with 1,719 units last quarter and 3,887 units in the same period last year. Total revenues were RMB277.8 million (US$43.0 million) for the three months ended June 30, 2021, compared with RMB196.0 million last quarter and RMB62.2 million in the same period last year. Gross margin was 4.0% for the three months ended June 30, 2021, compared with 4.6% last quarter and negative 28.4% in the same period last year. Loss from continuing operations was RMB50.7 million (US$7.9 million) for the three months ended June 30, 2021, compared with RMB97.4 million last quarter and RMB128.4 million in the same period last year. Non-GAAP adjusted loss from continuing operations was RMB44.6 million (US$6.9 million) for the three months ended June 30, 2021, compared with RMB98.0 million last quarter and RMB133.0 million in the same period last year. Net loss from continuing operations was RMB69.2 million (US$10.7 million) for the three months ended June 30, 2021, compared with RMB132.8 million last quarter and RMB152.4 million in the same period last year. Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, commented, “We delivered solid results this quarter despite this being one of the most challenging quarters we’ve experienced over the last ten years. While we were only able to maintain a relatively small retail inventory due to the capital constraints, we managed to enhance our fundamental operation capabilities and streamlined our processes in vehicle sourcing, reconditioning, sales and delivery in our first inspection and reconditioning center (“IRC”) in Xi’an. At the same time, we continued to improve our operational efficiency and optimized the organization at all business levels. All the progress we achieved in this quarter has built a solid foundation for our future business expansion and the replication of our Xi’an IRC model.” “After receiving the first tranche of the financing transaction in July, our business has been recovering as expected and gradually resuming to high-quality growth momentum. Fueled by our strong supply chain capabilities, the retail inventory in Xi’an IRC has been growing rapidly. The increasing selection of quality vehicles under our inventory-owning model will drive sustainable sales growth, as we continue to fulfill orders with excellent customer satisfaction.” Mr. Dai continued, “This year marks Uxin’s tenth anniversary which we just celebrated on September 9. In the past decade, we have experienced both exciting and tough times. Uxin has become stronger because of all the challenges we have overcome as one team. It all started with the mission to “make it easy for every Chinese customer to own a quality used vehicle”. This is the solid foundation that drives our passion to provide customers with high quality, value-for-money used cars and best-in-class services. We are confident and determined to continue contributing to the long-term healthy development of China’s used car industry.” Mr. Feng Lin, Chief Financial Officer of Uxin, said, “Even under various financial constraints, we were able to increase our total sales volume and revenues compared with the prior quarter. At the same time, we continued to focus on optimizing cost and expenses, and substantially decreased our Non-GAAP adjusted loss. To better balance supply capacity and capital efficiency in this quarter, we sold more used vehicles through wholesale channels. Additionally, the closing of the first tranche of the financing transaction in July substantially improved our financial position and enabled us to expand our operations. We expect the company’s performance to continue improving in the following quarters.” Financial Results for the Quarter Ended June 30, 2021 Total revenues were RMB277.8 million (US$43.0 million) for the three months ended June 30, 2021, compared with RMB62.2 million in the same period last year. The increase was primarily due to increases in revenue recognized on a gross basis as a result of the Company selling used cars from its own inventory since September 2020 and was partially offset by the decrease in retail transaction volume and GMV1 as a result of the Company’s business model transformation. Retail vehicle sales revenue was RMB91.7 million (US$14.2 million) for the three months ended June 30, 2021, compared with nil in the same period last year. For the three months ended June 30, 2021, retail transaction volume was 679 units, all of which were sold from the Company’s own inventory and therefore the corresponding revenue was recognized on a gross basis. Wholesale vehicle sales revenue was RMB176.6 million (US$27.4 million) for the three months ended June 30, 2021, compared with nil in the same period last year. Wholesale vehicle sales included sales of used vehicles acquired from individuals that did not meet the Company’s retail standards to list and sell through its proprietary ecommerce platform, and therefore, sold through offline dealerships. Other revenue was RMB9.5 million (US$1.5 million) for the three months ended June 30, 2021, compared with RMB10.5 million in the same period last year. The decrease was mainly due to a decrease in advertising fee. Cost of revenues was RMB266.7 million (US$41.3 million) for the three months ended June 30, 2021, compared with RMB79.9 million in the same period last year. Due to the adoption of the inventory-owning model, the components of the Company’s cost of revenues were significantly different in the three months ended June 30, 2021, compared to the same period last year. As a result, the increase was primarily due to an increase in vehicle acquisition costs related to the Company building up its own inventory since September 2020. Gross margin was 4.0% for the three months ended June 30, 2021, compared with negative 28.4% in the same period last year. Due to the adoption of the inventory-owning model, revenue recognition and the components of the Company’s cost of revenues were significantly different in the three months ended June 30, 2021 compared with the same period last year, which led to different margin profiles. Total operating expenses were RMB83.4 million (US$12.9 million) for the three months ended June 30, 2021. Total operating expenses excluding the impact of share-based compensation were RMB77.2 million. Sales and marketing expenses were RMB42.2 million (US$6.5 million) for the three months ended June 30, 2021, a decrease of 63.6% from RMB115.8 million in the same period last year. The decrease was mainly due to a decrease in employee compensation and benefits as a result of a decrease in headcount, as well as a decrease in traffic acquisition cost. Share-based compensation expenses associated with sales and marketing expenses were nil during the quarter. General and administrative expenses were RMB38.3 million (US$5.9 million) for the three months ended June 30, 2021, a decrease of 55.9% from RMB86.9 million in the same period last year. The decrease was mainly due to a decrease in employee compensation and benefits as a result of a decrease in headcount, a decrease in severance costs as a result of the prior year’s more termination of certain employment contracts, as well as a decrease in rent expenses and depreciation. General and administrative expenses excluding the impact of share-based compensation were RMB32.2 million. Research and development expenses were RMB8.3 million (US$1.3 million) for the three months ended June 30, 2021, a decrease of 63.4% from RMB22.8 million in the same period last year. The decrease was primarily due to a decrease in employee compensation and benefits as a result of a decrease in headcount, as well as a decrease in IT infrastructure service-related expenses. Share-based compensation expenses associated with research and development expenses were nil during the quarter. Provision for credit losses, net resulted in a reversal of RMB5.5 million (US$0.8 million) for the three months ended June 30, 2021, mainly due to a slight reversal of provision in receivables. Loss from continuing operations was RMB50.7 million (US$7.9 million) for the three months ended June 30, 2021, compared with RMB128.4 million in the same period last year. Non-GAAP adjusted loss from continuing operations which excludes the impact of share-based compensation was RMB44.6 million (US$6.9 million) for the three months ended June 30, 2021, compared with RMB133.0 million in the same period last year. Net loss from continuing operations was RMB69.2 million (US$10.7 million) for the three months ended June 30, 2021, compared with RMB152.4 million in the same period last year. Liquidity The COVID-19 pandemic has caused a general slowdown in economic activity, and the weakened consumer confidence and spending power resulted in a relatively slow recovery in transaction volumes. These factors have materially and adversely affected the Company’s business, results of operations, financial condition and cash flows. Although China’s economy has been gradually recovering in the past few months, and the used car market has been slowly picking up since April 2020 as the industry’s infrastructure and supply chain started to resume operations, the impact of the pandemic may continue to create significant challenges and uncertainties for the market environment as the COVID-19 pandemic continues to evolve and its full impact will still depend on future developments. In response to the current economic situation, the Company has taken actions to improve its liquidity and cash position. As disclosed in the earnings release for the quarter ended June 30, 2020, the Company entered into a modified supplemental agreement in July 2020 with a financing partner to settle its remaining guarantee liabilities associated with historically facilitated loans. Under the modified supplemental agreement, the Company is able to settle its obligations by making installment payments through to 2025, which will reduce the Company’s cash outflow commitments over the next few years. On June 15, 2021, the Company 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. The first tranche of this financing transaction was completed on July 12, 2021 and the Company has issued a total of 291,290,416 senior convertible preferred shares, equivalent to 97,096,805 American Depositary Shares (“ADSs”) to NIO Capital and Joy Capital for an aggregate amount of US$100 million. Concurrently, the Company has agreed with its convertible notes holders, including 58.com, TPG and Warburg Pincus, to convert their convertible notes in an aggregate principal amount of US$69 million into 66,990,291 Class A ordinary shares of the Company. On July 12, 2021, the conversion was completed and the related Class A ordinary shares were issued. In addition, the Company entered into operating payables waiver agreements with several suppliers in May and June 2021, pursuant to which the Company will be exempted from the repayment of other payables of approximately RMB120.4 million. Looking forward, the Company continues to control its cash outflows by decreasing overall costs and expenses through the upgrade of its used car transaction process and the migration of its sales channel completely online, as well as streamlining its business operations with stringent cost control measures. Considering all the actions mentioned above, the Company believes that its current cash and cash equivalents, cash considerations received from recent financing transactions and the anticipated cash flows from operations will be sufficient to meet its anticipated working capital requirements for at least the next twelve months of operations. Business Outlook We expect our total revenues to be in the range of RMB310 million to RMB330 million for the three months ending September 30, 2021. 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 at 8:00 AM on September 24, 2021 U.S. Eastern Time (8:00 PM on September 24, 2021 Beijing/Hong Kong time). 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 http://apac.directeventreg.com/registration/event/8364643 . 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 October 1, 2021. The dial-in details for the replay are as follows: U.S.: 8364643 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 excluding share-based compensation. The Company defines adjusted net loss from continuing operations as net loss from continuing operations excluding share-based compensation. The Company defines adjusted net loss from continuing operations per share – basic and diluted as net loss from continuing operations per share excluding impact of share-based compensation. The Company presents the non-GAAP financial measure because it is used by the management to evaluate the operating performance and 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, which is non-cash charges. 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 measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has 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 has been and may continue to be incurred in the business and is not reflected in the presentation of adjusted loss from continuing operations, adjusted net loss from continuing operations, and adjusted net loss from continuing operations per share – basic and diluted. Further, the non-GAAP measure 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 RMB6.4566 to US$1.00, representing the index rate as of June 30, 2021 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ 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: Investor Relations

JOY Capital Investments

98 Investments

JOY Capital has made 98 investments. Their latest investment was in Huaqiang PCB as part of their Series C - II on August 8, 2021.

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JOY Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/3/2021

Series C - II

Huaqiang PCB

$46.37M

No

8

7/16/2021

Series A

Blueglass Yogurt

No

2

7/16/2021

Series B

Blueglass Yogurt

$30.87M

Yes

5

6/22/2021

Series A - II

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$99M

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10

6/18/2021

Corporate Minority

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$99M

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10

Date

8/3/2021

7/16/2021

7/16/2021

6/22/2021

6/18/2021

Round

Series C - II

Series A

Series B

Series A - II

Corporate Minority

Company

Huaqiang PCB

Blueglass Yogurt

Blueglass Yogurt

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Amount

$46.37M

$30.87M

$99M

$99M

New?

No

No

Yes

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Co-Investors

Sources

8

2

5

10

10

JOY Capital Portfolio Exits

5 Portfolio Exits

JOY Capital has 5 portfolio exits. Their latest portfolio exit was Danke Apartment on January 17, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

1/17/2020

IPO

4

00/00/0000

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$991

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10

00/00/0000

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$991

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10

00/00/0000

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$991

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10

00/00/0000

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$991

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10

Date

1/17/2020

00/00/0000

00/00/0000

00/00/0000

00/00/0000

Exit

IPO

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Companies

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Valuation

$991

$991

$991

$991

Acquirer

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Sources

4

10

10

10

10

JOY Capital Fund History

4 Fund Histories

JOY Capital has 4 funds, including Joy Capital III.

Closing Date

Fund

Fund Type

Status

Amount

Sources

12/13/2019

Joy Capital III

Early-Stage Venture Capital

$700M

7

7/1/2016

Joy Capital I

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$99M

10

Joy Capital II

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$99M

10

Joy Capital Opportunity

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$99M

10

Closing Date

12/13/2019

7/1/2016

Fund

Joy Capital III

Joy Capital I

Joy Capital II

Joy Capital Opportunity

Fund Type

Early-Stage Venture Capital

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Status

Amount

$700M

$99M

$99M

$99M

Sources

7

10

10

10

JOY Capital Team

2 Team Members

JOY Capital has 2 team members, including current Founding Partner, Mi Dai.

Name

Work History

Title

Status

Mi Dai

Founding Partner

Current

Xiao Li

Founding Partner

Current

Name

Mi Dai

Xiao Li

Work History

Title

Founding Partner

Founding Partner

Status

Current

Current

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