Uxin (UXIN) said Wednesday that it launched a joint venture with Wuhan Junshan Urban Asset Operation Co., which is indirectly controlled by the Wuhan City Economic & Technological Development Zone.
As part of the agreement, Uxin subsidiary Uxin Industrial Investment Co. will contribute 66.7 million Chinese renminbi ($9.4 million), representing approximately 66.7% of the joint venture's total registered capital, while Wuhan Junshan will contribute 33.3 million Chinese renminbi, accounting for the remaining 33.3%.
Uxin said the companies intend to open a used-car superstore in Wuhan City through the joint venture.
Shares of Uxin were up 4.7% in recent premarket activity.
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