Uxin sells its B2B online used car auction business to 58.com

Uxin Limited (“Uxin”) (Nasdaq: UXIN), a leading online used car dealer in China,on Tuesday announced that it entered into definitive agreements with 58.com, China’s largest online classifieds and an existing investor in Uxin, to sell its B2B business.

Pursuant to the definitive agreements, Uxin will sell its entire B2B online used car auction business and transfer corresponding assets and liabilities to an affiliate of 58.com for a total cash consideration of 105 million U.S. dollars, which may be slightly adjusted subject to the review of the transferred assets following the completion of the transaction.

Uxin agrees not to engage in or acquire any B2B used car auction business following the completion of the transaction without prior consent from 58.com. The transactions contemplated under the definitive agreements are subject to customary closing conditions, and are currently expected to close by the first half of 2020.

Dai Kun, Founder, Chairman and Chief Executive Officer of Uxin, commented, “We are pleased to enter into the transaction with 58.com. Our B2B business is where we began our journey exploring market opportunities in China’s used car industry years ago.”

Dai Kun added that by entering into this transaction, Uxin will be able to devote all itsattention and resources towards developing 2C online transaction business and strengthen the one-stop online buying experience for consumers.

“We are confident in our future business prospects and will use our strengthened cash position to generate long-term sustainable growth，” Dai Kunsaid.