Uxin announces strategic partnership with Wuhan City

Uxin announced a strategic partnership with Wuhan City Economic & Technological Development Zone. The Company will establish a joint venture with Wuhan Junshan Urban Asset Operation, a company indirectly controlled by Wuhan City Economic & Technological Development Zone. Pursuant to the joint venture agreement, Uxin Industrial Investment, a wholly-owned subsidiary of Uxin, will contribute RMB66.7M and Wuhan Junshan will contribute RMB33.3M, representing approximately 66.7% and 33.3% of the joint venture’s total registered capital, respectively. The joint venture aims to support Uxin’s plan to establish a new used car super store in Wuhan City, Hubei Province. Wuhan City is one of the top ten cities in China, with a permanent population of approximately 12M and a GDP of approximately RMB2.0T. Wuhan City has a car volume of over 4 million, making it one of the major automotive markets in China. The formation of the joint venture is a key collaboration for Uxin to promote the development of the automotive aftermarket industry in the Hubei Province and to build a leading brand in China’s used car industry.