Car sales platform Youxin issues $500mn US IPO

Used car marketplace Youxin has filed for an initial public offering on the Nasdaq.

Also known as Uxin, the company provides platforms for the sale of used cars as well as other services. In addition to its B2B and B2C trading platforms, Youxin also offers vehicle detection, secure payment and car financing.

The company was founded in 2011 and is now the market leader for second hand car trading in China. Its Q1 2018 financial results displayed 93.2% growth year on year. Last year, according to Kr Asia, the company saw its total revenue rise by 136.7% last year. However, it still reportedly experienced a net loss last year.

See also:

Singapore car sales platform Carro raises $60mn funding

SouChe CFO: China’s car market to grow by 20% in five years

Catch up on the May issue of Business Chief!

The company’s IPO is set to be worth up to $500mn and as of yet no investors have made their intentions public, but underwriters have been named as Morgan Stanley, Goldman Sachs and JP Morgan.

To date, the company has raised $960mn in private funding.

From 2016-17, used car sales in China grew by almost 68%, with another automotive ecommerce platform RenRenChe having received $300mn investment from Goldman Sachs last month.

Share

Featured Articles

Top 10 best-performing Australian companies: mines to banks

Among Australia’s largest companies by market cap are the country’s Big Four banks, a tech startup that successfully scaled, and two firms with female CEOs

Top 10 richest Southeast Asia: how they made their fortunes

From Singapore’s paint tycoon to Malaysia’s sugar king, we round up the 10 richest people in Southeast Asia – and investigate how they made their billions

Will moonlighting ever become accepted practice in India?

While not a new phenomenon, moonlighting has become a hot button issue across India with IT majors cracking down on it. Will the practice ever be accepted?

New YouTube CEO Neal Mohan joins surge of Indian-origin CEOs

Leadership & Strategy

Ex Infosys President Ravi Kumar is the CEO Cognizant needs

Leadership & Strategy

How India is bucking the global dealmaking downturn

Corporate Finance