Uxin Ltd (UXIN) stock has gained 9.84% in pre-market on Wednesday, April 21, 2021, as of this writing. UXIN’s stock remained unchanged on Tuesday. UXIN shares have lost 23.75% over the last 12 months, and they have moved down by 3.17% in the past week. Over the past three months, the stock has gained 12.96%, while over the past six months, it has added 22.00%.
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Let’s see the recent UXIN news
A binding term sheet agreement with investors
On April 01, 2021, Uxin Limited entered into a binding term sheet with two established Asian funds approximately valued at $300 million
the potential investors have agreed to potentially enter into definitive agreements with the Company for the subscription of senior convertible preferred shares.
New Chief Financial Officer
on January 22, 2021, Uxin Limited appointed Mr. Feng Lin, Uxin’s Vice President of finance, as the new Chief Financial Officer, replacing Mr. Zhen Zeng who resigned due to personal reasons.
Unaudited Q 2 2021 financial results
On December 17, 2020, Uxin Limited announced its unaudited financial results for the quarter ended September 30, 2020.
- Uxin earned a total revenue of RMB76.4 million ($11.2 million) for the three months ended September 30, 2020, compared with RMB396.6 million in the same period last year.
- For the 2nd quarter of 2020, the Gross margin was negative 22.4%compared with a gross margin of 56.9% in the same period last year.
- Uxin suffered a loss of RMB162.6 million (US$23.9 million) from continuing operations in Q2 2020 compared with RMB188.4 million in the same period last year.
- Uxin suffered a net loss of RMB258.9 million (US$38.1 million) from continuing operations in Q2 2020 compared with RMB202.3 million in the same period last year.
- For the reported quarter, the Non-GAAP adjusted loss from continuing operations was RMB178.3 million (US$26.3 million) compared with RMB189.6 million in the same period last year.
- For the reported quarter, the Non-GAAP adjusted net loss from continuing operations was RMB274.6 million (US$40.4 million) compared with RMB203.5 million in the same period last year.
Proprietary Used Car Rating System
On October 22, 2020, Uxin Limited launched a proprietary rating system that provides greater transparency to facilitate the decision-making process for customers and improves the overall customer experience.
The new system assesses and determines a used car’s condition and a team of vehicle experts handpick used cars from a national pool.
Conclusion
UXIN pre-market surging on Wednesday has no justification. We are unable to find any news or rumours about the company which could be linked with its early morning surge.