BEIJING (dpa-AFX) - Uxin Ltd. (UXIN), a Chinese used car retailer, on Wednesday announced a strategic partnership to form a joint venture with Wuhan Junshan Urban Asset Operation Co., Ltd., indirectly controlled by Wuhan City Economic & Technological Development Zone.
Uxin Industrial Investment Co., Ltd., a subsidiary of Uxin, will contribute RMB66.7 million and Wuhan Junshan will contribute RMB33.3 million, representing around 66.7 percent and 33.3 percent of the joint venture, respectively.
The joint venture aims to support Uxin's plan to establish a new used car superstore in Wuhan City.
UXIN was trading up by 6.98 percent at $5.52 in the pre-market trade on the Nasdaq.
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