Davis Polk advised the representatives of the underwriters on the SEC-registered initial public offering by Uxin Limited of 25,000,000 American Depositary Shares, each representing three Class A ordinary shares, for total proceeds of $225 million. Uxin has granted the underwriters an option to purchase up to an additional 3,750,000 ADSs. The ADSs are listed on NASDAQ under the symbol “UXIN”.
Uxin is the largest used car e-commerce platform in China. Through its innovative integrated online and offline platform that addresses each step of the transaction and covers the entire value chain, Uxin transformed used car commerce in China by enabling consumers to buy cars from dealers, and dealers to buy cars from other dealers and consumers across the country.
The Davis Polk corporate team included partners Li He and James C. Lin and registered foreign lawyer Xuelin (Steve) Wang. Counsel Alon Gurfinkel and associate Veronica Orecharova provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the Hong Kong, London and New York offices.