Uxin Limited, together with its subsidiaries, entered into a strategic partnership with Jiangyin Huigang Qihang Investment Partnership and Jiangyin Chan Fa Ke Chuang Investment Partnership (Limited Partnership) to establish Uxin (Jiangyin) Intelligent Remanufacturing Co. Ltd. Pursuant to the joint venture agreement, Uxin (Anhui) Industrial Investment Co. Ltd., a wholly owned subsidiary of the company, will contribute RMB 68.0 million, Huigang Qihang will contribute RMB 16.0 million, and Chan Fa Ke Chuang will contribute RMB 16.0 million, representing approximately 68%, 16%, and 16% of the Joint Venture's total registered capital, respectively.
The Joint Venture will be established to support Uxin's plan to establish a new used car superstore in Jiangyin. This initiative is an important collaboration between Uxin and state-owned enterprises in Jiangyin, aimed at promoting the development of the automotive aftermarket industry in Jiangsu Province and building a leading brand in China's used car industry.
