08:46 AM EDT, 10/16/2024 (MT Newswires) -- Uxin ( UXIN ) said Wednesday that it launched a joint venture with Wuhan Junshan Urban Asset Operation Co., which is indirectly controlled by the Wuhan City Economic & Technological Development Zone.

As part of the agreement, Uxin ( UXIN ) subsidiary Uxin Industrial Investment Co. will contribute 66.7 million Chinese renminbi ($9.4 million), representing approximately 66.7% of the joint venture's total registered capital, while Wuhan Junshan will contribute 33.3 million Chinese renminbi, accounting for the remaining 33.3%.

Uxin ( UXIN ) said the companies intend to open a used-car superstore in Wuhan City through the joint venture.

Shares of Uxin ( UXIN ) were up 4.7% in recent premarket activity.

Price: 5.33, Change: +0.17, Percent Change: +3.29