Uxin Limited, China’s used auto e-commerce platform became publicly listed under the symbol “UXIN” on the Nasdaq Stock Market on June 27 at $9 per share. The underwriters are Morgan Stanley, Goldman Sachs, J.P. Morgan, China International Capital Corporation and China Renaissance Group.
According to Seeking Alpha, Uxin Limited casts itself as the China’s largest used car e-commerce platform in terms of the number of facilitated transactions as well as total gross merchandise value (GMV) in 2017. In its prospectus submitted on May 30 to the U.S. Securities and Exchange Commission (SEC), the Beijing-based company hit a record transaction volume of 634,317 cars and a GMV of 43.4 billion yuan ($6.6 billion) last year.
As a used auto trading platform as well as a tech firm founded in 2011,, Uxin has recruited over 100 people for its AI team. As Uxin has processed over one million used vehicles and examined five million used cars, the company aims to improve user experiences based on big data generated by large amounts of transactions and its unique AI pricing system.
While China’s consumption upgrade continues, Chinese customers are no longer persistent about purchasing new cars, which brings huge opportunities for Internet-based used car platforms. According to statistics from the China Automobile Dealers Association (CADA), the domestic used auto trading volume has reached 12.4 million in 2017, marking an year-on-year increase of 19.3 percent which is the highest year-on-year growth rate since 2011. The transaction volume is expected to reach nearly 15 million vehicles this year.
Featured Image Source: Youxin’s weibo