Chinese used-car e-commerce platform Uxin Limited started trading on Nasdaq Stock Market on Wednesday.

 

中国二手车电子交易平台优信二手车周三在纳斯达克股票市场上市。

 

The company, trading under the ticker symbol of "UXIN", announced its IPO of 25 million American depositary shares (ADSs) at a price to the public of 9.0 U.S. dollars per ADS.

 

Concurrent¹ with the private placement of 175 million U.S. dollars of convertible² bonds, Uxin planned to raise a total of approximately 400 million dollars, assuming the underwriters do not exercise their option to purchase additional ADSs.

 

Each ADS represents three Class A Ordinary Shares of the Company.

 

Uxin started trading at 10.40 U.S. dollars per share on Wednesday, climbing 0.67 percent from its pricing, and was traded at 9.06 dollars apiece around midday.

 

The fund raised will be used mainly to improve Uxin's transaction service capabilities³, promote research and development, and fund potential strategic investments and acquisitions, said its prospectus⁴.

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