Uxin announces strategic partnership with Wuhan City Economic & Technological Development Zone

BEIJING, Oct. 16, 2024 /PRNewswire/ -- Uxin Limited ("Uxin" or the "Company", together with its subsidiaries, the "Group") (Nasdaq: UXIN), China's leading used car retailer, today announced a strategic partnership with Wuhan City Economic & Technological Development Zone. The Company will establish a joint venture with Wuhan Junshan Urban Asset Operation Co., Ltd. ("Wuhan Junshan"), a company indirectly controlled by Wuhan City Economic & Technological Development Zone. Pursuant to the joint venture agreement, Uxin (Anhui) Industrial Investment Co., Ltd. ("Uxin Anhui"), a wholly-owned subsidiary of Uxin, will contribute RMB66.7 million and Wuhan Junshan will contribute RMB33.3 million, representing approximately 66.7 per cent and 33.3 per cent 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 12 million and a GDP of approximately RMB2.0 trillion. 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.

Wuhan Junshan is a company indirectly controlled by the State-owned Assets Supervision and Administration Bureau of Wuhan City Economic & Technological Development Zone and is a wholly-owned subsidiary of Wuhan Junshan Xincheng Technology Investment Group Co., Ltd. ("Junshan Xincheng"). The assets of Junshan Xincheng is RMB18.6 billion.