Uxin forms joint venture with state-owned firm for China expansion

Uxin Limited (NASDAQ: UXIN) announced a joint venture agreement with Hebei Chengying Investment Promotion Operation Co., Ltd. to establish Uxin (Shijiazhuang) Automobile Maintenance Co., Ltd., according to a company statement.

Under the agreement, Uxin's wholly-owned subsidiary Uxin (Anhui) Industrial Investment Group Co., Ltd. will contribute RMB30.0 million for a 75% stake in the joint venture, while Hebei Chengying will contribute RMB10.0 million for the remaining 25%.

The joint venture will support Uxin's plan to establish a used car superstore in Shijiazhuang, the capital of Hebei Province. The city has a population exceeding 11 million and more than 4 million registered vehicles, according to company data.

"By leveraging Uxin's capabilities in supply chain management, digital operations, and standardized services, we plan to establish the Shijiazhuang Superstore as a regional used car circulation and service hub serving Hebei, Tianjin, and the broader Beijing-Tianjin-Hebei market," said Wenbing Jing, President of Uxin.

The partnership represents a collaboration between the used car retailer and state-owned enterprises in Shijiazhuang. Uxin operates as an online platform serving customers nationwide and maintains offline inspection and reconditioning centers in selected regions.

You May Also Be Interested In

• Uxin CEO plans to buy up to $5M in company shares
• Reliance Global Group names new CTO, COO, and EVP for AI push
• Ruanyun Edai Technology (RYET) files for 20M share offering by selling stockholders