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.