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Issuer Free Writing Prospectus
Filed pursuant to Rule 433
Registration No. 333-225266
June 22, 2018


Uxin Limited

        Uxin Limited, or the Company, has filed a registration statement on Form F-1, including a prospectus, with the Securities and Exchange Commission, or the SEC, for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. Investors should rely upon the prospectus and any relevant free writing prospectus for complete details of this offering. You may get these documents and other documents the Company has filed for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Morgan Stanley & Co. International plc toll-free at 1-866-718-1649, Goldman Sachs & Co. LLC. toll-free at 1-866-471-2526, J.P. Morgan Securities LLC toll-free at 1-866-803-9204 (calling these numbers is not toll-free outside the United States),China International Capital Corporation Hong Kong Securities Limited at 1-646-794-8800 and China Renaissance Securities (Hong Kong) Limited at 852-2287-1600. You may also access the Company's most recent prospectus dated June 22, 2018, which is included in Amendment No. 3 to the Company's registration statement on Form F-1, as filed with the SEC via EDGAR on June 22, 2018, or Amendment No. 3, by visiting EDGAR on the SEC website at https://www.sec.gov/Archives/edgar/data/1729173/000104746918004702/a2236020zf-1a.htm

        The following information supplements and updates the information contained in the Company's preliminary prospectus dated June 13, 2018. All references to page numbers are to page numbers in the preliminary prospectus.

(1)
Add the following as new sentences at the end of "Concurrent private placement of convertible notes" on page 8:

        Both the CNCB Note and the GF Note will become due and payable on the 363rd day ("Maturity Date") starting from the closing date of the respective Notes, which is expected to be the same date when this offering is completed, unless earlier converted. The CNCB Note and the GF Note each bears an interest rate of 6% and 6.5%, respectively, payable until the Maturity Date or such other times as the Notes are earlier repaid or redeemed; provided that if any portion of the Notes are duly converted into Class A ordinary shares pursuant to the terms of the Notes, no interest accrued on the principal amount being converted shall be payable.

(2)
Amend the "Pro-forma net loss per share—Basic" and "Pro-forma net loss per share—Diluted" from "(1.31)" to "(1.33)" in the table on page 12.

(3)
Amend footnote (2) on page 12 as the following:

        The pro forma row reflects (i) the automatic conversion of all of our issued and outstanding preferred shares into 755,082,770 Class A ordinary shares on a one-for-one basis and as such the derivative liabilities related to the bifurcated conversion features of our preferred shares, in the amount of RMB1,817.2 million (US$289.0 million) as of March 31, 2018, will automatically become shareholders' equity upon completion of this offering; (ii) the issuance of 10,203,692 Class A ordinary shares upon the conversion of Fairlubo shares held by certain Fairlubo shareholders upon completion of this offering, assuming the initial public offering price of US$11.50 per ADS, which is the midpoint of the estimated range of the initial public offering price shown on the front cover of this prospectus, see "Description of Share Capital—Securities of Fairlubo Auction Company Limited that are convertible into securities of Uxin Limited", and the derivative liabilities amounting to RMB170.2 million (US$27.1 million) as of March 31, 2018, in relation to the share swap and redemption features of the redeemable non-controlling interests will become shareholders' equity; (iii) the grant of 17,742,890 restricted shares to Xin Gao Group Limited on May 14, 2018, which shall

become vested upon completion of this offering; (iv) the surrender of 30,964,990 shares by Xin Gao Group Limited for the repayment of outstanding loans owed to us as at March 31, 2018 and settled on May 28, 2018, assuming the initial public offering price of US$11.50 per ADS, which is the midpoint of the estimated range of the initial public offering price shown on the front cover of this prospectus.

(4)
Amend the table and footnotes 1 and 2 to the table on page 13 as the following:
 
   As of December 31,   As of
March 31, 		  As of
March 31, 		  As of
March 31, 		 
 
   2016   2017   2018   2018   2018  
 
   RMB
   RMB
   US$
   RMB
   US$
   RMB
   US$
   RMB
   US$
  
 
   (in thousands, except for share number)
  
 
   Actual
   Actual
   Actual
   Pro forma(1)
   Pro forma as
adjusted(2)(3)
  

Summary Consolidated Balance Sheets Data:

                                                        

Cash and cash equivalents

     332,259     291,973     44,684     1,219,755     193,978     1,219,755     193,978     4,838,747     769,509  

Restricted cash

     705,854     1,617,230     247,502     1,840,730     292,732     1,840,730     292,732     1,840,730     292,732  

Advance to sellers

     45,774     246,287     37,692     251,000     39,917     251,000     39,917     251,000     39,917  

Financial lease receivables, net

     413,462     438,693     67,138     342,063     54,398     342,063     54,398     342,063     54,398  

Total assets

    2,317,979     5,298,913     810,951     6,562,772     1,043,680     5,915,865     940,801     9,534,857     1,516,332  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Convertible notes

     —     —     —     —     —     —     —     1,088,627     173,125  

Short-term borrowings

     204,068     426,783     65,315     498,448     79,268     498,448     79,268     498,448     79,268  

Guarantee liabilities

     76,325     173,907     26,615     191,290     30,421     191,290     30,421     191,290     30,421  

Derivative liabilities

     654,511     1,596,424     244,319     1,987,356     316,050     —     —     —     —  

Total liabilities

    1,986,194     5,059,894     774,372     5,627,159     894,889     3,639,803     578,839     4,728,430     751,964  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Mezzanine equity

    4,775,637     8,420,644     1,288,703     10,644,521     1,692,804     —     —     —     —  

Total shareholders' (deficit)/equity

    (4,443,852 )   (8,181,625 )   (1,252,124 )   (9,708,908 )   (1,544,013 )   2,276,062     361,962     4,806,427     764,368  

Number of outstanding ordinary shares

     49,318,860     49,318,860     49,318,860     49,318,860     49,318,860     801,383,222     801,383,222     920,383,222     920,383,222  
(1)
The pro forma columns in the consolidated balance sheets data table above reflect (i) the automatic conversion of all of our issued and outstanding preferred shares into 755,082,770 Class A ordinary shares on a one-for-one basis and as such the derivative liabilities related to the bifurcated conversion features of our preferred shares, in the amount of RMB1,817.2 million (US$289.0 million) as of March 31, 2018, will automatically become shareholders' equity upon completion of this offering, (ii) the issuance of 10,203,692 Class A ordinary shares upon the conversion of Fairlubo shares held by certain Fairlubo shareholders upon completion of this offering, assuming the initial public offering price of US$11.50 per ADS, which is the midpoint of the estimated range of the initial public offering price shown on the front cover of this prospectus, see "Description of Share Capital—Securities of Fairlubo Auction Company Limited that are convertible into securities of Uxin Limited", and the derivative liabilities amounting to RMB170.2 million (US$27.1 million) as of March 31, 2018, in relation to the share swap and redemption features of the redeemable non-controlling interests will become shareholders' equity; (iii) the grant of 17,742,890 restricted shares to Xin Gao Group Limited on May 14, 2018, which shall become vested upon completion of this offering, and (iv) the surrender of 30,964,990 shares by Xin Gao Group Limited for the repayment of outstanding loans owed to us as at March 31, 2018 and settled on May 28, 2018, assuming the initial public offering price of US$11.50 per ADS, which is the midpoint of the estimated range of the initial public offering price shown on the front cover of this prospectus.

(2)
The pro forma as adjusted columns in the consolidated balance sheets data table above reflect (i) the automatic conversion of all of our issued and outstanding preferred shares into 755,082,770 Class A ordinary shares on a one-for-one basis and as such the derivative liabilities related to the bifurcated conversion features of our preferred shares, in the amount of RMB1,817.2 million (US$289.0 million) as of March 31, 2018, will automatically become shareholders' equity upon completion of this offering; (ii) the issuance of 10,203,692 Class A ordinary shares upon the conversion of Fairlubo shares held by certain Fairlubo shareholders upon completion of this offering, assuming the initial public offering price of US$11.50 per ADS, which is the midpoint of the estimated range of the initial public offering price shown on the front cover of this prospectus, see "Description of Share Capital—Securities of Fairlubo Auction Company Limited that are convertible into securities of Uxin Limited", and the derivative liabilities amounting to RMB170.2 million (US$27.1 million) as of March 31, 2018, in relation to the share swap and redemption features of the redeemable non-controlling interests will become shareholders' equity; (iii) the grant of 17,742,890 restricted shares to Xin Gao Group Limited on May 14, 2018, which shall become vested upon completion of this offering; (iv) the surrender of 30,964,990 shares by Xin Gao Group Limited for the repayment of outstanding loans owed to us as at March 31, 2018 and settled on May 28, 2018, assuming the initial public offering price of US$11.50 per ADS, which is the midpoint of the estimated range of the initial public offering price shown on the front cover of this prospectus, (v) the exercise of vested stock options (including accelerated vesting to certain stock options) by one of the Company's executive officers to acquire total 5,000,000 ordinary shares of the Company on May 25, 2018, and (vi) the sale of 114,000,000 Class A ordinary shares in the form of ADSs by us in this offering at an assumed initial public offering price of US$11.50 per ADS, which is the midpoint of the estimated range of the initial public offering price shown on the front cover of this prospectus, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, assuming the underwriters do not exercise over-allotment option, and (vii) the net proceeds of US$173.1 million from the issuance of convertible notes to certain third party investors, which shall be consummated concurrently with the closing of this offering. The investors may elect to convert their respective convertible notes into Class A ordinary shares from the 181st day after the date of this prospectus, see "Prospectus Summary—The Offering."
(5)
Amend the second and the third bullet points on page 71 as the following:

•
on a pro forma basis to reflect (i) the automatic conversion of all of our issued and outstanding preferred shares into 755,082,770 Class A ordinary shares on a one-for-one basis and as such the

2

3

(6)
Amend the table on pages 72 and 73 as the following:
 
   As of March 31, 2018 (unaudited)  
 
   Actual   Pro Forma   Pro Forma As
Adjusted(1) 		 
 
   (in thousands)
  
 
   RMB
   US$
   RMB
   US$
   RMB
   US$
  

Debt:

                                      

Convertible notes

     —     —     —     —     1,088,627     173,125  

Current portion of long-term borrowings

     173,561     27,602     173,561     27,602     173,561     27,602  

Long-term borrowings

     518,485     82,455     518,485     82,455     518,485     82,455  

Mezzanine Equity:

    
 		    
 		    
 		    
 		    
 		    
 		  

Series A convertible redeemable preferred shares (US$0.0001 par value, 50,000,000 shares authorized, issued and outstanding on an actual basis, nil outstanding on a pro forma and pro forma as adjusted basis)

     96,011     15,269     —     —     —     —  

Series A-1 convertible redeemable preferred shares (US$0.0001 par value, 4,910,890 shares authorized, issued and outstanding on an actual basis, nil outstanding on a pro forma and pro forma as adjusted basis)

     70,839     11,266     —     —     —     —  

Series B convertible redeemable preferred shares (US$0.0001 par value, 70,602,630 shares authorized, issued and outstanding on an actual basis, nil outstanding on a pro forma and pro forma as adjusted basis)

     183,397     29,166     —     —     —     —  

Series C convertible redeemable preferred shares (US$0.0001 par value, 97,267,680 shares authorized, issued and outstanding on an actual basis, and nil outstanding on a pro forma and pro forma as adjusted basis)

     416,783     66,281     —     —     —     —  

Series D convertible redeemable preferred shares (US$0.0001 par value, 159,355,150 shares authorized, issued and outstanding on an actual basis, and nil outstanding on a pro forma and pro forma as adjusted basis)

     1,739,580     276,646     —     —     —     —  

Series E convertible redeemable preferred shares (US$0.0001 par value, 89,477,490 shares authorized, issued and outstanding on an actual basis, and nil outstanding on a pro forma and pro forma as adjusted basis)

     1,169,434     185,976     —     —     —     —  

Series F convertible redeemable preferred shares (US$0.0001 par value, 85,162,200 shares authorized, issued and outstanding on an actual basis, and nil outstanding on a pro forma and pro forma as adjusted basis)

     1,596,159     253,838     —     —     —     —  

Series G convertible redeemable preferred shares (US$0.0001 par value, nil and 130,384,730 shares authorized, issued and outstanding on an actual basis, and nil outstanding on a pro forma and pro forma as adjusted basis)

     3,248,711     516,644     —     —     —     —  

Series G-Plus convertible redeemable preferred shares (US$0.0001 par value, nil and 67,922,000 shares authorized, issued and outstanding on an actual basis, nil outstanding on a pro forma and pro forma as adjusted basis)

     2,084,027     331,424     —     —     —     —  

Redeemable non-controlling interest

     39,580     6,294                          
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total mezzanine equity

     10,644,521     1,692,804     —     —     —     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

4

 
   As of March 31, 2018 (unaudited)  
 
   Actual   Pro Forma   Pro Forma As
Adjusted(1) 		 
 
   (in thousands)
  
 
   RMB
   US$
   RMB
   US$
   RMB
   US$
  

Shareholders' (deficit)/equity:

                                      

Ordinary shares, (US$0.0001 par value; 1,244,917,230 shares authorized, 49,318,860 shares authorized issued and outstanding on an actual basis; 753,547,502 Class A and 47,835,720 Class B shares issued and outstanding on a pro forma basis; and 872,547,502 Class A and 47,835,720 Class B shares issued and outstanding on a pro forma as adjusted basis)

     30     5     504     80     578     91  

Additional paid-in capital(2)

     —     —     12,574,127     1,999,669     15,134,681     2,406,878  

Accumulated other comprehensive income

     88,763     14,116     88,763     14,116     88,763     14,116  

Accumulated deficit

     (9,739,485 )   (1,548,876 )   (10,329,116 )   (1,642,645 )   (10,359,379 )   (1,647,459 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total UXIN LIMITED shareholders' (deficit)/equity

     (9,650,692 )   (1,534,755 )   2,334,278     371,220     4,864,643     773,626  

Non-controlling interests

     (58,216 )   (9,258 )   (58,216 )   (9,258 )   (58,216 )   (9,258 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total shareholders' (deficit)/equity(2)

     (9,708,908 )   (1,544,013 )   2,276,062     361,962     4,806,427     764,368  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total mezzanine equity and total shareholders' (deficit)/equity

     935,613     148,791     2,276,062     361,962     4,806,427     764,368  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total capitalization

     1,627,659     258,848     2,968,108     472,019     6,587,100     1,047,550  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(7)
Amend the second and the third full paragraphs on page 74 as the following:

        Our net tangible book value as of March 31, 2018 was approximately US$132.59 million, or US$2.69 per ordinary share as of that date and US$8.07 per ADS. Net tangible book value represents the amount of our total consolidated tangible assets, less the amount of our total consolidated liabilities. Pro forma net tangible book value per ordinary share represents our net tangible book value divided by our total number of outstanding ordinary shares, each after giving effect to (i) the automatic conversion of all of our issued and outstanding preferred shares into 755,082,770 Class A ordinary shares on a one-for-one basis and as such the derivative liabilities related to the bifurcated conversion features of our preferred shares, in the amount of RMB1,817.2 million (US$289.0 million) as of March 31, 2018, will automatically become shareholders' equity upon completion of this offering, (ii) the issuance of 10,203,692 Class A ordinary shares upon the conversion of Fairlubo shares held by certain Fairlubo shareholders upon completion of this offering, assuming the initial public offering price of US$11.50 per ADS, which is the midpoint of the estimated range of the initial public offering price shown on the front cover of this prospectus, see "Description of Share Capital—Securities of Fairlubo Auction Company Limited that are convertible into securities of Uxin Limited," and the derivative liabilities amounting to RMB170.2 million (US$27.1 million) as of March 31, 2018, in relation to the share swap and redemption features of the redeemable non-controlling interests will become shareholders' equity; (iii) the grant of 17,742,890 restricted shares to Xin Gao Group Limited on May 14, 2018, which shall become vested upon completion of this offering, (iv) the surrender of 30,964,990 shares by Xin Gao Group Limited for the repayment of outstanding loans owed to us as at March 31, 2018 and settled on May 28, 2018, assuming the initial public offering price of US$11.50 per ADS, which is the midpoint of the estimated range of the initial public offering price shown on the front cover of this prospectus. Because the Class A ordinary shares and Class B ordinary shares have the same dividend and other rights, except for voting and conversion rights, the dilution is presented based on all ordinary shares, including Class A ordinary shares and Class B ordinary shares.

        Without taking into account any other changes in net tangible book value after March 31, 2018, other than to give effect to (i) the automatic conversion of all of our issued and outstanding preferred shares into 755,082,770 Class A ordinary shares on a one-for-one basis and as such the derivative liabilities related to the bifurcated conversion features of our preferred shares, in the amount of RMB1,817.2 million (US$289.0 million) as of March 31, 2018, will automatically become shareholders'

5

equity upon completion of this offering, (ii) the issuance of 10,203,692 Class A ordinary shares upon the conversion of Fairlubo shares held by certain Fairlubo shareholders upon completion of this offering, assuming the initial public offering price of US$11.50 per ADS, which is the midpoint of the estimated range of the initial public offering price shown on the front cover of this prospectus, and the derivative liabilities amounting to RMB170.2 million (US$27.1 million) as of March 31, 2018, in relation to the share swap and redemption features of the redeemable non-controlling interests will become shareholders' equity; (iii) the grant of 17,742,890 restricted shares to Xin Gao Group Limited on May 14, 2018, which shall become vested upon completion of this offering, (iv) the surrender of 30,964,990 shares by Xin Gao Group Limited for the repayment of outstanding loans owed to us as at March 31, 2018 and settled on May 28, 2018, assuming the initial public offering price of US$11.50 per ADS, which is the midpoint of the estimated range of the initial public offering price shown on the front cover of this prospectus, (v) the exercise of vested stock options (including accelerated vesting to certain stock options) by one of the Company's executive officers to acquire total 5,000,000 ordinary shares of the Company on May 25, 2018, and (vi) the sale of 114,000,000 Class A ordinary shares in the form of ADSs by us in this offering at an assumed initial public offering price of US$11.50 per ADS, which is the midpoint of the estimated range of the initial public offering price shown on the front cover of this prospectus, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, assuming the underwriters do not exercise over-allotment option, our pro forma as adjusted net tangible book value as of March 31, 2018 would have been US$748.17 million, or US$0.81 per ordinary share and US$ 2.43 per ADS. This represents an immediate decrease in net tangible book value of US$1.88 per ordinary share and US$5.64 per ADS to the existing shareholders and an immediate dilution in net tangible book value of US$3.02 per ordinary share and US$9.07 per ADS to investors purchasing ADSs in this offering. The following table illustrates such dilution:

(8)
Amend the last paragraph on page 76 as the following:

        The pro forma as adjusted information does not include the impact of the issuance of convertible notes to certain third party investors, which shall be consummated concurrently with the closing of this offering. The investors may elect to convert their respective convertible notes into Class A ordinary shares from the 181st day after the date of this prospectus, see "Prospectus Summary—The Offering."

(9)
Add the following to the end of the third paragraph on page 78:

        The deposit agreement among us, the depositary, ADS holders and other parties thereto is not one of our constituent documents.

(10)
Amend the first table on page 91 as the following:
 
   As of December 31,   As of March 31,   As of March 31,   As of March 31,  
 
   2016   2017   2018   2018   2018  
 
   RMB
   RMB
   US$
   RMB
   US$
   RMB
   US$
   RMB
   US$
  
 
   (in thousands, except for share data)
  
 
   Actual
   Actual
   Actual
   Pro forma
   Pro forma as
adjusted
  

Selected Consolidated Balance Sheets Data:

                                                        

Cash and cash equivalents                                  

     332,259     291,973     44,684     1,219,755     193,978     1,219,755     193,978     4,838,747     769,509  

Restricted cash

     705,854     1,617,230     247,502     1,840,730     292,732     1,840,730     292,732     1,840,730     292,732  

Advance to sellers

     45,774     246,287     37,692     251,000     39,917     251,000     39,917     251,000     39,917  

Financial lease receivables, net

     413,462     438,693     67,138     342,063     54,398     342,063     54,398     342,063     54,398  

Total assets

    2,317,979     5,298,913     810,951     6,562,772     1,043,680     5,915,865     940,801     9,534,857     1,516,332  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Convertible notes

     —     —     —     —     —     —     —     1,088,627     173,125  

Short-term borrowings

     204,068     426,783     65,315     498,448     79,268     498,448     79,268     498,448     79,268  

Guarantee liabilities

     76,325     173,907     26,615     191,290     30,421     191,290     30,421     191,290     30,421  

Derivative liabilities

     654,511     1,596,424     244,319     1,987,356     316,050     —     —     —     —  

Total liabilities

    1,986,194     5,059,894     774,372     5,627,159     894,889     3,639,803     578,839     4,728,430     751,964  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Mezzanine equity

    4,775,637     8,420,644     1,288,703     10,644,521     1,692,804     —     —     —     —  

Total shareholders' deficit

    (4,443,852 )   (8,181,625 )   (1,252,124 )   (9,708,908 )   (1,544,013 )   2,276,062     361,962     4,806,427     764,368  

Number of outstanding ordinary shares

     49,318,860     49,318,860     49,318,860     49,318,860     49,318,860     801,383,222     801,383,222     920,383,222     920,383,222  

6

(11)
Amend the "Ordinary Share Beneficially Owned Prior to This Offering" of Tiger Global Affiliated Entities from "9.0%" to "8.9%" in the table on page 172.

(12)
Add the following in the first paragraph in footnote (1) on page 173:

        A total of 98,429,570 ordinary shares on an as-converted basis are attributable to Mr. Kun Dai through his ownership interests in Xin Gao Group Limited, Gao Li Group Limited, Kingkey New Era Auto Industry Limited, Kingkey New Era Auto Industry Global Limited and BOCOM International Supreme Investment Limited, representing approximately 12.4% of our total ordinary shares on an as-converted basis as of the date of this prospectus.

(13)
Amend the last sentence of the first paragraph in footnote (1) on page 173 as the following:

        Prior to the completion of this offering, shares of Uxin Limited accounting for 2.2%, 7.2%, 7.7%, and 1.9% of outstanding ordinary shares of Uxin Limited on an as-converted basis beneficially owned by Mr. Kun Dai through Gao Li Group Limited, Kingkey New Era Auto Industry Limited, Kingkey New Era Auto Industry Global Limited and BOCOM International Supreme Investment Limited, respectively, have been pledged to independent third parties.

(14)
Add the following to the end of footnote (3) on page 174:

        A total of 71,032,978 ordinary shares on an as-converted basis are attributable to the Jeneration Capital Affiliated Entities through their direct ownership interests in our shares and their ownership interests in Kingkey New Era Auto Industry Limited, Kingkey New Era Auto Industry Global Limited and BOCOM International Supreme Investment Limited, representing approximately 8.9% of our total ordinary shares on an as-converted basis as of the date of this prospectus.

(15)
Add the following after the fourth paragraph on page 193:

        The deposit agreement gives the depositary or an ADS holder asserting a claim against us the right to require us to submit that claim to binding arbitration in New York under the Rules of the American Arbitration Association, including any United Stated federal securities law claim. However, a claimant could also elect not to submit its claim to arbitration and instead bring its claim in any court having jurisdiction of it. The deposit agreement does not give us the right to require anyone to submit any claim to arbitration.

(16)
Add the following after the second full paragraph on page 213:

        Notwithstanding the restrictions described in the preceding paragraph, certain of our shareholders, including Mr. Kun Dai, our chairman and chief executive officer, have pledged shares that represent 18.9% of our pre-offering share capital (or 16.3% of our post-offering share capital assuming the underwriters do not exercise over-allotment option) in favor of third party lenders in connection with certain loan agreements entered into in 2017 with a term of two years, most proceeds of which were used to fund the purchase of shares in the Company in the latest rounds of pre-IPO equity financings. See "Principal Shareholders," footnote (1). If any lender enforces its security interests in such pledged shares upon an event of default, the pledged shares can be sold without regard to the lock-up restrictions. The loan agreements do not have margin call requirements or top-up obligations regarding our shares.

7

(17)
Amend the table on page F-75 as the following:
 
   Notes   As of December 31,
2017 		  As of March 31,
2018 		  Pro forma as of
March 31, 2018 		 
 
    
   RMB
   RMB
   US$
   RMB
   US$
  

ASSETS

                                    

Current assets:

                                    

Cash and cash equivalents

   2.6     291,973     1,219,755     193,978     1,219,755     193,978  

Restricted cash

   2.7     1,617,230     1,840,730     292,732     1,840,730     292,732  

Short-term investments

   2.7     1,000     10,000     1,590     10,000     1,590  

Accounts receivable

         40,155     44,350     7,054     44,350     7,054  

Amounts due from related parties

   20, 31     608,291     647,484     102,970     577     91  

Advance to consumers on behalf of financing partners

   4     827,417     507,392     80,691     507,392     80,691  

Loan recognized as a result of payment under the guarantee, net

   5     252,555     411,985     65,518     411,985     65,518  

Advance to sellers

   6     246,287     251,000     39,917     251,000     39,917  

Other receivables, net

   7     251,649     335,793     53,401     335,793     53,401  

Inventory

   2.8     77,941     44,470     7,072     44,470     7,072  

Prepaid expenses and other current assets

   8     249,769     493,673     78,509     493,673     78,509  

Financial lease receivables, net

   9     438,693     342,063     54,398     342,063     54,398  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current assets

         4,902,960     6,148,695     977,830     5,501,788     874,951  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Non-current assets:

                                    

Property, equipment and software, net

   10     156,625     177,142     28,171     177,142     28,171  

Intangible assets, net

   11     9,949     9,032     1,436     9,032     1,436  

Goodwill

   2.15     75,849     75,849     12,062     75,849     12,062  

Long-term investments

   12     40,628     39,152     6,226     39,152     6,226  

Other non-current assets

   13     112,902     112,902     17,955     112,902     17,955  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total non-current assets

         395,953     414,077     65,850     414,077     65,850  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total assets

         5,298,913     6,562,772     1,043,680     5,915,865     940,801  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

LIABILITIES AND EQUITY

                                    

Current liabilities (including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiary of RMB407,809 and RMB263,461 as of December 31, 2017 and March 31, 2018, respectively)

  

 

    
 		    
 		    
 		    
 		    
 		  

Short-term borrowings

   14     426,783     498,448     79,268     498,448     79,268  

Accounts payable

         65,694     41,440     6,590     41,440     6,590  

Guarantee liabilities

   15     173,907     191,290     30,421     191,290     30,421  

Deposit of interests from consumers and payable to financing partners—current

   16     732,273     902,009     143,447     902,009     143,447  

Advance from buyers collected on behalf of sellers

   17     226,891     184,397     29,325     184,397     29,325  

Other payables and accruals

   18     927,389     868,225     138,074     868,225     138,074  

Deferred revenue

   2.18     27,598     29,259     4,653     29,259     4,653  

Other current liabilities

   19     163,355     —     —     —     —  

Derivative liabilities

   3, 23     1,596,424     1,987,356     316,050     —     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current liabilities

         4,340,314     4,702,424     747,828     2,715,068     431,778  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Non-current liabilities

                                    

Long-term borrowings

   14     374,104     518,485     82,455     518,485     82,455  

Deposit of interests from consumers and payable to financing partners—non-current

   16     343,823     404,752     64,368     404,752     64,368  

Deferred tax liabilities

   21     1,653     1,498     238     1,498     238  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total non-current liabilities

         719,580     924,735     147,061     924,735     147,061  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities

         5,059,894     5,627,159     894,889     3,639,803     578,839  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Commitments and contingencies

   29                                

Mezzanine equity

  

23

                                

Series A convertible redeemable preferred shares (US$0.0001 par value, 50,000,000 shares authorized, issued and outstanding as of December 31, 2017 and March 31, 2018, respectively, nil outstanding on a pro-forma basis as of March 31, 2018 (unaudited))

        
94,411		    
96,011		    
15,269		    
—		    
—		  

8

(18)
Amend the table on page F-76 as the following:
 
   Notes   As of December 31,
2017 		  As of March 31,
2018 		  Pro forma as of
March 31, 2018 		 
 
    
   RMB
   RMB
   US$
   RMB
   US$
  

Mezzanine equity (Continued)

                                    

Series A-1 convertible redeemable preferred shares (US$0.0001 par value, 4,910,890 shares authorized, issued and outstanding as of December 31, 2017 and March 31, 2018, respectively, nil outstanding on a pro-forma basis as of March 31, 2018 (unaudited))

         69,193     70,839     11,266     —     —  

Series B convertible redeemable preferred shares (US$0.0001 par value, 70,602,630 shares authorized, issued and outstanding as of December 31, 2017 and March 31, 2018, respectively, and nil outstanding on a pro-forma basis as of March 31, 2018 (unaudited))

         180,294     183,397     29,166     —     —  

Series C convertible redeemable preferred shares (US$0.0001 par value, 97,267,680 shares authorized, issued and outstanding as of December 31, 2017 and March 31, 2018, respectively, and nil outstanding on a pro-forma basis as of March 31, 2018 (unaudited))

         408,559     416,783     66,281     —     —  

Series D convertible redeemable preferred shares (US$0.0001 par value, 159,355,150 shares authorized, issued and outstanding as of December 31, 2017 and March 31, 2018, respectively, and nil outstanding on a pro-forma basis as of Mach 31, 2018 (unaudited))

         1,703,667     1,739,580     276,646     —     —  

Series E convertible redeemable preferred shares (US$0.0001 par value, 89,477,490 shares authorized, issued and outstanding as of December 31, 2017 and March 31, 2018, respectively, and nil outstanding on a pro-forma basis as of Mach 31, 2018 (unaudited))

         1,146,351     1,169,434     185,976     —     —  

Series F convertible redeemable preferred shares (US$0.0001 par value, 85,162,200 shares authorized, issued and outstanding as of December 31, 2017 and March 31, 2018, respectively, and nil outstanding on a pro-forma basis as of Mach 31, 2018 (unaudited))

         1,563,657     1,596,159     253,838     —     —  

Series G convertible redeemable preferred shares (US$0.0001 par value, 130,384,730 shares authorized, issued and outstanding as of December 31 2017 and March 31, 2018, and nil outstanding on a pro-forma basis as of March 31, 2018 (unaudited))

         3,214,932     3,248,711     516,644     —     —  

Series G-Plus convertible redeemable preferred shares (US$0.0001 par value, nil and 67,922,000 shares authorized, issued and outstanding as of December 31 2017 and March 31, 2018, and nil outstanding on a pro-forma basis as of March 31, 2018 (unaudited))

         —     2,084,027     331,424     —     —  

Redeemable non-controlling interests

  

3

    
39,580		    
39,580		    
6,294		    
—		    
—		  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Mezzanine equity

         8,420,644     10,644,521     1,692,804     —     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Shareholders' (deficit)/equity

                                    

Ordinary shares (US$0.0001 par value, 1,312,839,230 and 1,244,917,230 shares authorized as of December 31, 2017 and March 31, 2018, respectively, 49,318,860 shares authorized, issued and outstanding as of December 31, 2017 and March 31, 2018, respectively, and 753,547,502 Class A and 47,835,720 Class B shares outstanding on a pro forma basis as of March 31, 2018(unaudited))

   22, 31     30     30     5     504     80  

Additional paid-in capital

         —     —     —     12,574,127     1,999,669  

Accumulated other comprehensive income

         76,607     88,763     14,116     88,763     14,116  

Accumulated deficit

         (8,207,801 )   (9,739,485 )   (1,548,876 )   (10,329,116 )   (1,642,645 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total UXIN LIMITED shareholders' (deficit)/equity

         (8,131,164 )   (9,650,692 )   (1,534,755 )   2,334,278     371,220  

Non-controlling interests

         (50,461 )   (58,216 )   (9,258 )   (58,216 )   (9,258 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total shareholders' (deficit)/equity

         (8,181,625 )   (9,708,908 )   (1,544,013 )   2,276,062     361,962  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities, mezzanine equity and shareholders' deficit

         5,298,913     6,562,772     1,043,680     5,915,865     940,801  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(19)
Amend the following sentence on page F-139 as the following:

        CNCB (Hong Kong) and Golden Fortune may elect to convert their respective Notes into Class A ordinary shares from the 181st day after the date of this prospectus with conversion price per ordinary shares equal to 109.5% and 108% of the initial public offering price per ordinary share, respectively.

(20)
Amend Note 32 on pages F-140 and F-141 as the following:

        Upon the completion of a qualified initial public offering, the Series A, A-1, B, C, D, E, F, G and G-Plus Preferred Shares shall automatically be converted into Class A ordinary shares, and as such the derivative liabilities related to the bifurcated conversion features of our preferred shares will automatically become shareholders' equity.

        Upon the completion of this offering, the Fairlubo shares owned by certain Fairlubo shareholders will be converted into the Class A ordinary shares and the derivative liabilities in relation to the share

9

swap and redemption features of the redeemable non-controlling interests will become shareholders' equity.

        The unaudited pro-forma balance sheet as of March 31, 2018 assumes a qualified initial public offering has occurred and presents an adjusted financial position as if the conversion of all outstanding Series A, A-1, B, C, D, E, F, G and G-Plus Preferred Shares into Class A ordinary shares at the conversion ratio as described in Note 23 to the unaudited interim condensed consolidated financial statements and conversion of the Fairlubo shares into Class A ordinary shares as described in Note 31 to the unaudited interim condensed consolidated financial statements occurred on March 31, 2018.

        Unaudited pro-forma basic and diluted net loss per share was computed to give effect to the automatic conversion of the Series A, A-1, B, C, D, E, F, G and G-Plus Preferred Shares using the "if converted" method as though the conversion had occurred as of the beginning of the period or the original date of issuance, if later.

        In addition to these conversion effects of the Preferred Shares, the unaudited pro-forma balance sheet as of March 31, 2018 and the unaudited pro-forma basic and diluted net loss per share for the three months ended March 31, 2018 also reflect pro-forma effect of the issuance and vest of restricted shares to Xin Gao Group (Note 31(a)) as if the qualified initial public offering has occurred on March 31, 2018, the pro-forma effect of the Company's repurchase of the Surrender Shares (Note 31(b)), as well as the pro-forma effect of Fairlubo Share Swap (Note 31(d)).

 
   For the three months
ended March 31, 2018 		  For the three months
ended March 31, 2018 		 
 
   RMB
   US$
  

Numerator:

              

Net loss attributable to ordinary shareholders

     (1,534,015 )   (243,956 )

Pro-forma effect of the issuance and vest of restricted shares to Xin Gao Group(1)

     (589,631 )   (93,769 )

Accretion on redeemable preferred shares

     157,539     25,054  

Deemed dividend to preferred shareholders

     544,773     86,636  

Fair value loss on derivative liabilities

     359,115     57,110  
​ ​ ​ ​ ​ ​ ​ ​

Numerator for pro-forma basic and diluted net loss per share

     (1,062,219 )   (168,925 )

Denominator:

    
 		    
 		  

Weighted average number of ordinary shares outstanding

     49,318,860     49,318,860  

Pro-forma effect of the conversion of Series A Preferred Shares

     50,000,000     50,000,000  

Pro-forma effect of the conversion of Series A-1 Preferred Shares

     4,910,890     4,910,890  

Pro-forma effect of the conversion of Series B Preferred Shares

     70,602,630     70,602,630  

Pro-forma effect of the conversion of Series C Preferred Shares

     97,267,680     97,267,680  

Pro-forma effect of the conversion of Series D Preferred Shares

     159,355,150     159,355,150  

Pro-forma effect of the conversion of Series E Preferred Shares

     89,477,490     89,477,490  

Pro-forma effect of the conversion of Series F Preferred Shares

     85,162,200     85,162,200  

Pro-forma effect of the conversion of Series G Preferred Shares

     130,384,730     130,384,730  

Pro-forma effect of the conversion of Series G-Plus Preferred Shares

     67,158,830     67,158,830  

Pro-forma effect of the issuance and vest of restricted shares to Xin Gao Group (Note 31(a))

     17,742,890     17,742,890  

Pro-forma effect of repurchase of the Surrender Shares (Note 31(b))

     (30,964,990 )   (30,964,990 )

Pro-forma effect of Fairlubo Share Swap (Note 4)(2)

     10,203,692     10,203,692  
​ ​ ​ ​ ​ ​ ​ ​

Denominator for pro-forma basic and diluted net loss per share

     800,620,052     800,620,052  

Pro-forma net loss per share:

    
 		    
 		  

Basic

     (1.33 )   (0.21 )

Diluted

     (1.33 )   (0.21 )
(1)
The pro-forma effect of the issuance and vest of restricted shares to Xin Gao Group represents the pro-forma impact of the restricted shares as if the qualified initial public offering has occurred on March 31, 2018 and the restricted shares were vested immediately on the same day.

(2)
The pro-forma effect of Fairlubo Share Swap represents the issuance of 10,203,692 Class A ordinary shares upon the conversion of Fairlubo shares held by certain Fairlubo shareholders upon completion of this offering, assuming the initial public offering price of US$11.50 per ADS, which is the midpoint of the estimated range of the initial public offering price shown on the front cover of this prospectus.

10



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