Uxin Limited UXIN shares are trading higher on Tuesday, after 58.com purchased the company's B2B online used car auction business for $105 million. The transaction is expected to close in the first half of 2020.
Uxin is a national online used car dealer in China.
"Our B2B business is where we began our journey exploring market opportunities in China's used car industry years ago,” said Uxin CEO Kun Dai. “As we expanded into the retail market, we have gradually shifted our strategic focus to the 2C business. By entering into this transaction, we will be able to devote all our attention and resources towards developing our 2C online transaction business and strengthen the one-stop online buying experience for consumers."
Uxin shares were trading up 9.7% at $1.35 on Tuesday. The stock has a 52-week high of $4.25 and a 52-week low of $1.21.
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