Benzinga | Jun 15, 2021 08:19AM EDT

Chinese Used Car Dealer Uxin Secures $315M Financing

* Uxin Ltd (NASDAQ:UXIN) inked agreements with NIO Capital and Joy Capital to invest a total of up to $315 million in the company.

* Simultaneously, Uxin agreed with the holders of its convertible notes, including 58.com, TPG, and Warburg Pincus, to convert their convertible notes in $69 million into Uxin shares.

* Over ten critical investors, including NIO Capital, Joy Capital, and the above-mentioned convertible noteholders, will not sell their shares in the next nine months under the arrangement.

* NIO Inc (NYSE:NIO) Chair and NIO Capital Managing Partner William Bin Li acknowledged the used car market's exponential growth potential in China.

* Uxin held $44.1 million in cash and equivalents as of Dec. 31, 2020.

* Price action: UXIN shares traded higher by 15.30% at $5.97 in the premarket session on the last check Tuesday.