Tenet Fintech Group Inc. (CSE: PKK, OTC Pink: PKKFF)
Commercial Lending in China Ready to Tenet!
Chinese used car e-commerce platform Uxin has set terms for its US$437 million initial public offering on NASDAQ, according to its security filing.
The company plans raise US$437 million by offering 38 million American depositary shares at a price range between US$10.5 to US$12.5.
China Money Network has previously reported Uxin’s IPO application seeking to raise a maximum amount of US$500 million.
Founded in 2011, the firm has both B2B and B2C services. Its B2C platform, Uxin Used Car, provides consumers with customized car recommendations, financing, title transfer, delivery, insurance referral, warranty and other related services. Its B2B platform, Uxin Auction, caters to business buyers, helping them source vehicles, optimizing their turnover and facilitating cross-regional transactions.
Its key investors include Hong Kong-based investment firm Jeneration Capital, Chinese real estate Kingkey Group, Illinois-based Red Rock Holdings Investment, Baidu Inc, Tiger Global and Hillhouse Capital, each holding 22.3%, 14.8%, 14.1%, 10%, 9% and 8.4% stakes in the firm.
Used car platforms are favored by investors. Just in this month, three other used-car online platform have raised funds. Cheduoduo completed a US$17.7 million series A round led by China Growth Capital. Chinese private equity fund Green Harbor Investment has led a RMB800 million (US$125 million) series D round in Nanjing-based customer-to-business used car auction platform Chezhibao, while Tiantianpaiche received US$100 million strategic investment Autohome, a Chinese automobile online platform.
Source: China Money Network
