Uxin Announces Closing of First Tranche of US $ 100 Million Financing Transaction and Board Changes

BEIJING, July 12, 2021 (GLOBE NEWSWIRE) – Uxin Limited (“Uxin” or the “Company”) (NASDAQ: UXIN), one of the leading domestic online used car dealers in China, announced today ‘ hui the closing of the first tranche of its financing transaction for a maximum amount of US $ 315 million announced on June 15, 2021, pursuant to which the Company issued a total of 291,290,416 first convertible preferred shares, equivalent to 97,096,805 American Depositary Shares (“ADS”) of the Company, to NIO Capital and Joy Capital for a total purchase amount of US $ 100 million. The holders of convertible notes of the Company, including 58.com, TPG and Warburg Pincus, have converted their convertible notes in the aggregate principal amount of US $ 69 million into 66,990,291 Class A ordinary shares of the Company, equivalent to 22,330,097 ADS. At the same time, more than ten major investors, including NIO Capital, Joy Capital and the aforementioned convertible bond holders, have pledged not to sell their Company shares for a period of nine months from July 12, 2021. The closings remaining installments are subject to the conditions stipulated in the agreements.

In addition, Uxin has announced changes to its Board of Directors (the “Board”) in accordance with the provisions of the agreements. Mr. William Bin Li and Mr. Erhai Liu were appointed as directors of the board, and Mr. Cheng Lu and Dr. Zhuang Yang were appointed independent directors of the board, effective July 12, 2021. At the same time, Mr. Cheng Cheung Lun Julian, Mr. Qiang Chang Sun, Mr. Lin Cong, Mr. Muyuan Wang, Mr. Shun Lam Steven Tang and Mr. Yong Zhong Huang resigned from their positions on the Board. Mr. Shun Lam Steven Tang and Mr. Yong Zhong Huang also resigned from their positions as members of the Audit Committee, Compensation Committee and Appointments and Corporate Governance Committee of the Board, effective July 12. 2021.

Mr. William Bin Li is the founder of NIO and has been Chairman of the Board since NIO’s inception, and its Managing Director since March 2018. In 2000, Mr. Li co-founded Beijing Bitauto E-Commerce Co., Ltd. and was a director and chairman until 2006. From 2010 to 2020, Mr. Li was chairman of the board of Bitauto Holdings Limited, one of the leading providers of automotive services in China, formerly listed on the Stock Exchange of New York. [stock code BITA]. In 2002, Mr. Li co-founded Beijing Creative & Interactive Digital Technology Co., Ltd. and served as its chairman, chairman and director. Mr. Li obtained his bachelor’s degree in sociology from Peking University.

Mr. Erhai Liu is the founder and managing partner of Joy Capital. He has nearly 20 years of experience investing in high-tech and innovative companies. Previously, Mr. Liu was engaged in engineering, R&D, operations and senior management in telecommunications and Internet companies for more than 10 years. Mr. Liu was named one of the “100 Best Global Technology Investors” on the Forbes Midas list in 2012 and from 2018 to 2020. Mr. Liu holds a Masters in Communications and Information Systems from the University Xidian, a master’s degree in psychology. from Peking University, an MA in Global Finance and an MBA from Fordham University, an EMBA from Tsinghua University and a BA in Communication Engineering from Guilin University of Electronic Technology.

Mr. Cheng Lu is President and CEO of TuSimple (NASDAQ: TSP), a global autonomous driving technology company based in San Diego, California. He has over 13 years of experience in corporate finance and strategy in the United States and Asia. Prior to TuSimple, Mr. Lu co-founded and was a partner and COO of KCA Capital Partners, a private equity investment firm. Prior to that, Mr. Lu worked in Beijing with HOPU Investments and CITIC Capital, and Cerberus Capital Management in New York, which focused on private equity and investments in special situations. He began his career in the investment banking division of Citigroup in New York. Mr. Lu received his BA in Computer Science and Economics from the University of Virginia and an MBA from Harvard Business School.

Dr Zhuang Yang is currently Professor of Management at the National Development School and Co-Dean of the Beijing International MBA Program (BiMBA) at Peking University. He is also a full professor at the Graduate School of Business at Fordham University in New York. Dr. Yang’s main research focuses on organizational behavior and global leadership, with a particular focus on Chinese strategies for multinational companies and strategies for Chinese companies expanding globally. Dr Yang received his BA from the Department of English Language and Literature at Peking University, an MA in Sociology from Columbia University, an MPA in International and Public Affairs from the Woodrow Wilson School of Public and International Affairs of Princeton University, and a doctorate in business administration from Columbia University.

Mr. Kun Dai, Founder, Chairman and CEO of Uxin, said, “We warmly welcome our new board members and are honored to benefit from the experience of these four eminent experts. Uxin is at a critical stage of development following the successful transformation of our business. I believe our new board members will provide invaluable advice to our business development and future strategies. On behalf of the Board of Directors, I would like to express my sincere gratitude to Mr. Cheng Cheung Lun Julian, Mr. Qiang Chang Sun, Mr. Lin Cong, Mr. Muyuan Wang, Mr. Shun Lam Steven Tang and Mr. Yong Zhong Huang, for all their dedicated service to the Council and their contributions to the Society over the years. We wish them every success in their next endeavors and look forward to working with them on other opportunities in the future. “

About Uxin
Uxin Limited (Nasdaq: UXIN) is one of the leading domestic online used car dealers in China. With its high-quality used car offerings and top-notch shopping services, Uxin’s mission is to empower people to buy the car they want online. Uxin’s one-stop online shopping center offers consumers a nationwide selection of good-value used cars, various value-added products and services, and comprehensive after-sales service. Its online sales consultants offer professional advice to facilitate a convenient and efficient car purchase for consumers in a timely manner. Its comprehensive execution network supports nationwide logistics and delivery as well as title transfers between cities across China to execute these transactions online.

Safe Harbor Declaration
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 may be identified by words such as “will”, “expect”, “anticipate” “,” “Intends”, “plans”, “believes”, “considers” and similar statements. Among other things, the business outlook and management quotes 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, objective and strategies for Uxin; its expansion plans; its future business development, financial condition and results of operations; Uxin’s expectations regarding demand and market acceptance of its services; its ability to deliver a differentiated and superior customer experience, to maintain and improve customer confidence in its platform, and to assess and mitigate various risks, including credit; its expectations regarding the maintenance and expansion of its relationships with business partners, including financial partners; trends and competition in the used car e-commerce industry in China; laws and regulations relating to the Uxin industry; general economic and commercial conditions; and the assumptions underlying or related to all of the above. Further information regarding these and other risks is included in documents filed by Uxin 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 assumes no obligation to update any forward-looking statement, except as required by applicable law.

For investor and media inquiries, please contact:
Investor Relations
Uxin Limited
Phone. : +86 10 5691-6765
Email: [email protected]

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Eric yuan
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