China's used car e-commerce platform Uxin Ltd. on May 29 filed for an initial public offering on Nasdaq to raise US$500 million.
The Beijing-based company founded in 2011 runs a used car business and a car auction business for business buyers.
The company has applied to be listed under the symbol UXIN.
The company intends to spend the raised amount on improving the company's transaction service capabilities, invest in research and development for general corporate purposes, including funding potential strategic investments and acquisitions, the company said in its Form F-1 registration statement.
The company's executive officers, directors, principal shareholders and their affiliated entities together beneficially own about 81.0% of outstanding ordinary shares prior to the completion of the offering.
Uxin's main shareholders include Uxin's founder, chairman and CEO, Kun Dai, who beneficially owns a 24.9% stake in the company, Hong Kong-based investment company Jeneration Capital Advisors (Hong Kong) with a 22.3% stake and Baidu Inc. with a 10% stake in the company.
Morgan Stanley, Goldman Sachs (Asia) LLC, J.P. Morgan, CICC and China Renaissance will act as underwriters.
