Uxin Ltd, a leading e-commerce platform for buying and selling used cars in China, saw its stock soar by 9.30% in pre-market trading on Tuesday, October 16. The surge came after the company announced a strategic partnership with the Wuhan City Economic & Technological Development Zone.
As per the partnership agreement, Uxin's subsidiary will contribute RMB 66.7 million (approximately $9.4 million) to a joint venture, while its partner, Wuhan Junshan, will contribute RMB 33.3 million (approximately $4.7 million). The joint venture aims to promote the automotive aftermarket industry in Hubei province, where Wuhan is the capital city.
This strategic move is expected to strengthen Uxin's presence in the rapidly growing used car market in Hubei and potentially boost its revenue streams. By leveraging local resources and expertise, the joint venture will likely enable Uxin to better cater to the needs of customers in the region and capitalize on the growing demand for used cars and related services.
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