Ahead of the US stock market on June 30, Beijing time, China's leading online used car dealer UXIN.US (UXIN.US) issued an announcement to formally sign a financing agreement with existing shareholder NIO Capital. NIO Capital invested an additional 100 million US dollars in Youxin in the form of premium convertible preferred shares.

Earlier, on May 16, Youxin signed a binding letter of intent to invest with investors. Investors agreed to invest an additional 100 million US dollars in priority convertible preferred stock subscriptions on top of the $315 million financing deal signed last year. The signing of this agreement marks the final settlement of the financing.

As a leading online dealer of used cars in China, Youxin has now established a dual channel model for online national shopping malls and offline supermarkets. Youxin continues to strengthen the whole process system construction from the supply chain to the sales terminal, continuously improve operational efficiency and service capabilities, and bring customers a one-stop worry-free car buying experience. All vehicles sold are 100% self-operated, and each vehicle has gone through 315 tests, maintenance, and refurbishment. The Net Customer Recommendation Index (NPS) increased from 10 points in the first quarter of 2020 to 59 points, far exceeding the industry average. Industry experts believe that building “word-of-mouth sales” of used cars has given Youxin the double recognition of customers and capital.

Youxin's new financing will be used to continue to expand the development and layout of the used car market, increase the production capacity of high-quality vehicles, enhance customer experience satisfaction, maintain its leading position in the industry, and support the company's long-term business growth.