Uxin Announces Transaction with Golden Pacer
July 12 2019 - 6:00AM
Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), the largest
used car e-commerce platform in China, today announced that it has
entered into a binding term sheet with Golden Pacer, a leading
financial technology platform in China. Pursuant to the term sheet,
Uxin will divest its loan facilitation related business to Golden
Pacer in exchange for an aggregate of US$100 million cash and a
certain number of shares of Golden Pacer. In addition, Uxin and
Golden Pacer will also enter into a series of business cooperation
arrangements. After the divestiture and through the business
cooperation, Uxin will provide inspection and valuation services to
Golden Pacer’s used car financing transactions, and Golden Pacer
will provide certain loan facilitation services for Uxin’s online
used car transactions, including providing a guarantee in the event
of default. Uxin and Golden Pacer will work together with
third-party financing partners to achieve that Uxin will no longer
bear any guarantee liabilities or credit risks for used car loans
facilitated after the transaction.
Mr. Kun Dai, Founder, Chairman and Chief
Executive Officer of Uxin, said, “Going online to purchase used
cars is an unstoppable trend in China’s used car market, where we
see tremendous growth potential in the coming years. With our
ground-breaking cross-regional transaction services, we have
already made buying used cars online a reality. Going forward,
facilitating online used car transactions will continue to be our
primary focus. By maintaining the high growth of transaction volume
and continuing to optimize cost structure and operational
efficiency, we are confident that we are on track to achieving
profitability.”
Mr. Dai added, “After the divestiture and
through the business cooperation with Golden Pacer, we will be able
to focus all of our resources on online used car transactions,
which embody the key nature of used car e-commerce, and
continuously optimize our product and service offerings, improve
professional standards, and enhance the used car purchasing
experience for consumers. At the same time, consumers will continue
to enjoy high-quality financing services from a dedicated financing
solution provider through the divestiture and our business
cooperation with Golden Pacer.”
The parties expect to enter into definitive
transaction agreements and close the transaction as soon as
practicable in the second half of 2019. The execution of the
definitive transaction agreements and the closing of the
transaction are subject to certain approvals and conditions.
About Uxin Uxin Limited
(Nasdaq: UXIN) is the largest used car e-commerce platform in
China. Uxin’s mission is to enable people to buy the car of their
choice, no matter where they are located or what their budget is.
Uxin enables consumers and dealers to buy and sell cars through an
innovative integrated online and offline platform that addresses
each step of the transaction and covers the entire value chain. Its
online presence is bolstered by an offline network of more than
1,300 service centers in over 400 prefecture-level cities
throughout China.
Safe Harbor StatementThis
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. 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: 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 enquiries, please contact:Nancy
SongUxin Investor RelationsTel: +86 10 5691-6765Email:
ir@xin.com
For media enquiries, please contact:Yi-Ke
HongBrunswick GroupTel: +86 10 5960-8600Email:
uxin@brunswickgroup.com
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