Singapore’s GIC increases stake in Chinese used-car platform Uxin to 11.4%

Traffic travels along the Second Ring Road in Beijing, China, on Wednesday, Dec. 2, 2015. Photographer: Qilai Shen/Bloomberg

Singapore sovereign wealth fund GIC has increased its stake in Chinese used-car platform Uxin to 11.4 per cent, according to a filing with the US Securities and Exchange Commission (SEC) Tuesday.

Shares of Uxin closed at $1.02 Tuesday in Nasdaq trading; on 8 October, the day the filing said the shares were acquired, the stock closed at $1.10, jumping from $0.92 on 6 October and $1.00 on 7 October.

The filing said GIC has sole voting power over 101.3 million shares, and shared voting power of 22.46 million shares, for a total of 123.76 million shares. In October of last year, GIC took its initial stake of 5.01 per cent, comprising 33.12 million shares with sole voting power and 8.91 million shares with shared voting power, for a total of 42.04 million shares.

GIC did not immediately return DealStreetAsia’s emailed request for comment.

On 6 October, online car classified company Uxin said it entered deals with two unnamed “leading international investors” for private placements of 84.69 million shares for $25 million. That deal allowed Warburg Pincus, TPG and 58.com to adjust the conversion price of their Uxin convertible notes, to be completed concurrently with the equity deal, Uxin said.

In a separate filing to the SEC Tuesday, 58.com said it held an around 9.9 per cent stake in Uxin.

TPG said in a 9 October filing that it held “shared voting power” on a 7.2 per cent stake in Uxin. Warburg Pincus said on 5 October it now holds 14.2 per cent of Uxin.

“We are happy to see that these investors support our strategic direction and long-term growth trajectory. With their support and our business transformation and upgrade in place, we are confident that we will be able to strengthen our market position as China’s leading national online used car dealer,” Kun Dai, founder, chairman and CEO of Uxin, said in the 6 October statement.

In March, China’s largest classifieds marketplace 58.com said it would acquire Uxin’s B2B car auction business for $105 million in cash. The deal closed in April.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.