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Table of Contents

 

UXIN-20F-2022

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 20-F

(Mark One)

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

 

OR

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended March 31, 2022.

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

OR

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

Commission file number: 001-38527

Uxin Limited

(Exact name of Registrant as specified in its charter)

N/A

(Translation of Registrant’s name into English)

Cayman Islands

(Jurisdiction of incorporation or organization)

1 & 3/F, No. 12 Beitucheng East Road
Chaoyang District,
Beijing 100029
People’s Republic of China

Feng Lin, Chief Financial Officer
Telephone: +
86 10 5691-6765
Email:
ir@xin.com
1&3/F, No. 12 Beitucheng East Road
Chaoyang District,
Beijing 100029
People’s Republic of China

(Address of principal executive offices)

(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

American depositary shares (one American depositary
share representing three Class A ordinary shares, par
value US$0.0001 per share)

UXIN

The Nasdaq Stock Market LLC
(The Nasdaq Global Select Market)

Class A ordinary shares, par value
US$0.0001 per share
*

 

The Nasdaq Stock Market LLC (The Nasdaq
Global Select Market)

* Not for trading, but only in connection with the listing on The Nasdaq Global Select Market of American depositary shares.

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

Indicate the number of issued and outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

1,146,044,859 Class A ordinary shares (excluding the 5,288,762 Class A ordinary shares issued to the depositary bank for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of awards granted under the Share Incentive Plan), 40,809,861 Class B ordinary shares and 400,524,323 senior preferred convertible shares, par value US$0.0001 per share, as of March 31, 2022.

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☐ Yes ☒ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

☐ Yes ☒ No

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☐ No

 


Table of Contents

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒

Accelerated filer ☐

Non-accelerated filer ☐

Emerging growth company

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Yes ☐ No

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☒

International Financial Reporting Standards as issued by the International Accounting Standards Board ☐

Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17

Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☒ No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

☐ Yes ☐ No

 

 

 


Table of Contents

 

TABLE OF CONTENTS

 

 

 

 

INTRODUCTION

1

 

 

FORWARD-LOOKING INFORMATION

2

 

 

PART I

 

3

 

 

 

Item 1.

Identity of Directors, Senior Management and Advisers

3

Item 2.

Offer Statistics and Expected Timetable

3

Item 3.

Key Information

3

Item 4.

Information on the Company

56

Item 4A.

Unresolved Staff Comments

88

Item 5.

Operating and Financial Review and Prospects

89

Item 6.

Directors, Senior Management and Employees

114

Item 7.

Major Shareholders and Related Party Transactions

124

Item 8.

Financial Information

128

Item 9.

The Offer and Listing

129

Item 10.

Additional Information

129

Item 11.

Quantitative and Qualitative Disclosures about Market Risk

144

Item 12.

Description of Securities Other than Equity Securities

145

 

 

 

PART II

 

147

 

 

 

Item 13.

Defaults, Dividend Arrearages and Delinquencies

147

Item 14.

Material Modifications to the Rights of Security Holders and Use of Proceeds

147

Item 15.

Controls and Procedures

147

Item 16A.

Audit Committee Financial Expert

148

Item 16B.

Code of Ethics

148

Item 16C.

Principal Accountant Fees and Services

148

Item 16D.

Exemptions from the Listing Standards for Audit Committees

149

Item 16E.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

149

Item 16F.

Change in Registrant’s Certifying Accountant

149

Item 16G.

Corporate Governance

149

Item 16H.

Mine Safety Disclosure

149

Item 16I.

Disclosure Regarding Foreign Jurisdiction that Prevent Inspections

149

 

 

 

PART III

 

150

 

 

 

Item 17.

Financial Statements

150

Item 18.

Financial Statements

150

Item 19.

Exhibits

151

 

 

SIGNATURES

160

 

 

 

 


Table of Contents

 

INTRODUCTION

Unless otherwise indicated or the context otherwise requires:

we changed our fiscal year end from December 31 to March 31 in April 2020 and filed a transition report on Form 20-F covering the three-month period from January 1, 2020 through March 31, 2020, or the Transition Period. Prior to such transition report on Form 20-F, we filed an annual report on Form 20-F covering the fiscal year ended December 31, 2019. Unless otherwise noted, all references to years are to the calendar year from January 1 to December 31 and references to our fiscal year or years are to the fiscal year or years which, prior to the Transition Period, ended December 31, and from and after the Transition Period, ended March 31. For the avoidance of doubt, “fiscal year of 2021” refer to the year ended March 31, 2021 and “fiscal year of 2022” refer to the year ended March 31, 2022;
“ADSs” refer to the American depositary shares, each of which represents three Class A ordinary shares, par value US$0.0001 each;
“Check Auto” refer to our proprietary car inspection system;
“former VIEs” refer to the former variable interest entities that have become our wholly owned subsidiaries after the Restructuring, which are Youxin Internet (Beijing) Information Technology Co., Ltd., and Youxin Yishouche (Beijing) Information Technology Co., Ltd.;
“GMV” refer to gross merchandise value of used cars as measured by gross selling price of used cars, excluding service fees and interests (if any) charged;
“NPS” refer to net percentages of promoters for our products and services (those who are willing to keep buying and refer us to others) against detractors (those who are not satisfied with and complain about our offerings);
“ordinary shares” refer to our Class A and Class B ordinary shares, par value US$0.0001 per share;
“senior convertible preferred shares” refer to our senior convertible preferred shares, which can be convertible into our Class A ordinary shares at the currently applicable conversion price, par value US$0.0001. For the avoidance of doubt, the calculations of ownership and voting power in this annual report are made assuming that all the senior convertible preferred shares are converted into Class A ordinary shares at the currently applicable conversion price;
“RMB” and “Renminbi” refer to the legal currency of China, which is our reporting currency;
“shares” refer to our ordinary shares and, where applicable, our senior convertible preferred shares, par value US$0.0001 per share;
“US$,” “U.S. dollars,” “$,” and “dollars” refer to the legal currency of the United States;
“Uxin” or “our platform” refer to our platform primarily for buying and selling used cars, which primarily consists of vehicle sales businesses under our inventory-owning model for the fiscal year of 2021 and afterwards;
“Our WFOEs” refer to our wholly-owned subsidiaries in China;
“Restructuring” refers to a series of restructuring transactions in March 2022 to terminate the historical contractual arrangements with the former VIEs, which have become our wholly-owned subsidiaries; and
“we,” “us,” “our company” and “our” refer to Uxin Limited, our Cayman Islands holding company, and its subsidiaries, and, when describing our historical operations and consolidated financial information, also include the former VIEs in China and their subsidiaries.

 


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Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi in this annual report were made at a rate of RMB6.3393 to US$1.00, the exchange rate on as of March 31, 2022 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. We make no representation that any Renminbi or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or Renminbi, as the case may be, at any particular rate, or at all.

FORWARD-LOOKING INFORMATION

This annual report on Form 20-F contains forward-looking statements that reflect our current expectations and views of future events. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include statements relating to, among other things:

our goals and strategies;
our ability to provide customers with high-quality used cars and other related products;
our ability to provide quality services and compete effectively;
our ability to effectively manage risks, including credit risks and fraud risks;
our future business development, financial condition and results of operations;
expected changes in our revenues, costs, expenses or expenditures;
the expected growth of, and trends in, the market for our services;
our expectations regarding demand for and market acceptance of our services;
competition in our industry;
relevant government policies and regulations relating to our industry;
public health crisis, such as the COVID-19 pandemic, MERS, SARS, H1N1 flu, H7N9 flu, and avian flu; and
general economic and business conditions in China and globally.

We would like to caution you not to place undue reliance on these forward-looking statements and you should read these statements in conjunction with the risk factors disclosed in “Item 3. Key Information—D. Risk Factors.” Those risks are not exhaustive. We operate in an evolving environment. New risks emerge from time to time and it is impossible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statement. We do not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. You should read this annual report and the documents that we reference in this annual report completely and with the understanding that our actual future results may be materially different from what we expect.

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PART I

Item 1.
Identity of Directors, Senior Management and Advisers

Not applicable.

Item 2.
Offer Statistics and Expected Timetable
Item 3.
Key Information

Our Holding Company Structure and Historical Contractual Arrangements with the Former VIEs

Uxin Limited is not a Chinese operating company but a Cayman Islands holding company with operations primarily conducted by its PRC subsidiaries and, historically, through contractual arrangements with the former VIEs in China. PRC laws and regulations restrict and impose conditions on foreign investment in value-added telecommunication services. In order to comply with PRC regulatory requirements, in the past we primarily operated these businesses in China through Youxin Internet (Beijing) Information Technology Co., Ltd. or Youxin Hulian, and Youxin Yishouche (Beijing) Information Technology Co., Ltd., or Yishouche, which we refer to as the former VIEs in this annual report. There were historical contractual arrangements among our PRC subsidiaries, the former VIEs and their shareholders, which were effectively terminated on March 31, 2022. As used in this annual report, “we,” “us,” “our company,” or “our” refers to Uxin Limited and its subsidiaries, and, when describing our historical operations and consolidated financial information, also includes the former VIEs and their subsidiaries in China.

Historically, we, through Yougu and Youxinpai, were subject to a series of contractual arrangements with the former VIEs and the shareholders of the former VIEs until March 31, 2022. These historical contractual arrangements had enabled us to: (i) exercise effective control over the former VIEs and their subsidiaries; (ii) receive substantially all of the economic benefits of the former VIEs; and (iii) have exclusive options to purchase all or part of the equity interests in the former VIEs when and to the extent permitted by PRC law.

These historical contractual agreements included equity interest pledge agreements, powers of attorney, exclusive business cooperation agreements, exclusive option agreements. We had evaluated the guidance in FASB ASC 810 and concluded that we were the primary beneficiary of the former VIEs because of these historical contractual arrangements. Accordingly, under U.S. GAAP, the financial statements of the former VIEs were consolidated as part of our financial statements for 2019, the three months ended March 31, 2020 and the fiscal years ended March 31, 2021 and 2022 in this annual report. However, we consider revenues contributed by the former VIEs to be immaterial to our financial performance during the historical periods. Revenues contributed by the former VIEs accounted for 4.6%, 5.1%, 0.9% and 0.1% of our total revenues for 2019, the three months ended March 31, 2020, and the fiscal years ended March 31, 2021 and 2022, respectively. We recorded net loss contributed by the former VIEs of 1.0%, 0.3%, 0.2%, 2.9% for 2019, the three months ended March 31, 2020, and the fiscal years ended March 31, 2021 and 2022, respectively. Our business is primarily conducted through our subsidiaries.

In order to streamline our corporate structure and considering the changing regulatory environment, we have completed the Restructuring to terminate the contractual arrangements with both of the former VIEs which have become wholly owned subsidiaries of our company. Pursuant to the Restructuring, our wholly owned subsidiaries that have contractual arrangements with the former VIEs and their respective shareholders have purchased all equity interests held by such shareholders in the former VIEs. Accordingly, all contractual arrangements that enabled such shareholders to exercise effective control over the former VIEs, receive substantially all of the economic benefits of the former VIEs and have exclusive options to purchase all or part of the equity interests in the former VIEs, were effectively terminated. As a result of the Restructuring, the former VIEs have become our wholly owned subsidiaries and we currently operate our business in China directly through our subsidiaries, rather than through any variable interest entity. See “Item 4. Information on the Company—C. Organizational Structure—Historical Contractual Agreements with the Former VIEs and Their Respective Shareholders and the Related Termination Agreements.” However, prior to the Restructuring, our historical contractual arrangements may not be as effective as direct ownership in providing us with control over the former VIEs and the termination of these agreements may incur additional costs. There were and may also be substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules regarding the status of the rights of our Cayman Islands holding company with respect to our historical contractual arrangements with the former VIEs and their shareholders. It is uncertain whether any new PRC laws or regulations relating to VIE structures will be adopted or if adopted, what they would provide. If we or any of the former VIEs is found to be or had been in violation of any existing or future PRC laws or regulations, or fail or had failed to

3


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obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure—If the PRC government determines that the historical contractual arrangements with the former VIEs structure did not comply with PRC regulation, or if these regulations change or are interpreted differently in the future, our shares and/or ADSs may decline in value or become worthless if we are deemed to be unable to assert our contractual control rights over the assets of the former consolidated affiliated entities.”

Our historical corporate structure was subject to risks associated with our contractual arrangements with the former VIEs. If the PRC government deems that our historical contractual arrangements with the former VIEs did not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change or are interpreted differently in the future, we could be subject to severe penalties. Our holding company, our PRC subsidiaries and the former VIEs, and investors of our company face uncertainty about potential future actions by the PRC government that could affect the enforceability of the historical contractual arrangements with the former VIEs and, consequently, may affect the historical financial performance of the former VIEs and our company as a whole. For a detailed description of the risks associated with our corporate structure, please refer to risks disclosed under “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure.”

We face various risks and uncertainties related to doing business in China. Our business operations are primarily conducted in China, and we are subject to complex and evolving PRC laws and regulations. For example, we face risks associated with regulatory approvals on offshore offerings, anti-monopoly regulatory actions, and oversight on cybersecurity and data privacy. This may impact our ability to conduct certain businesses, accept foreign investments, or list on a United States or other foreign exchange. These risks could result in a material adverse change in our operations and the value of our ADSs, significantly limit or completely hinder our ability to continue to offer securities to investors, or cause the value of such securities to significantly decline. For a detailed description of risks related to doing business in China, please refer to risks disclosed under “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China.”

PRC government’s significant authority in regulating our operations and its oversight and control over offerings conducted overseas by, and foreign investment in, China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. Implementation of industry-wide regulations, including data security or anti-monopoly related regulations, in this nature may cause the value of such securities to significantly decline or be of little or no value. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—The PRC government’s oversight over our business operation could result in a material adverse change in our operations and the value of our ADSs.”

Risks and uncertainties arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and quickly evolving rules and regulations in China, could result in a material adverse change in our operations and the value of our ADSs. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—Uncertainties in the interpretation and enforcement of Chinese laws and regulations could limit the legal protections available to us.”

Permissions Required from the PRC Authorities for Our Operations

We conduct our business in China primarily through our subsidiaries and historically, through former VIEs in China with which we had maintained contractual arrangements. Our operations in China are governed by PRC laws and regulations. As of the date of this annual report, we have not received any requirement from Chinese governmental authorities to obtain other permissions for our operation and issuance of securities to foreign investors. Given the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government authorities, we may be required to obtain additional licenses, permits, filings or approvals for the functions and services of our platform in the future.

Furthermore, in connection with our issuance of securities to foreign investors, under current PRC laws, regulations and regulatory rules, as of the date of this annual report, we, our PRC subsidiaries and the former VIEs, (i) are not required to obtain permissions from the China Securities Regulatory Commission, or the CSRC, (ii) are not required to go through cybersecurity review by the Cyberspace Administration of China, or the CAC, and (iii) have not received or were denied such permissions by any PRC authority.

However, the PRC government has recently indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers. For more detailed information, see “Item 3. Key

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Information—D. Risk Factors—Risks Related to Doing Business in China—The approval and/or other requirements of the CSRC, the CAC, or other PRC governmental authorities may be required in connection with an offering under PRC rules, regulations or policies, and, if required, we cannot predict whether or how soon we will be able to obtain such approval, and, even if we obtain such approval, the approval could be rescinded. Any failure to obtain or delay in obtaining such approval for this offering, or a rescission of obtained approval, would subject us to sanctions imposed by the CSRC or other PRC government authorities.”

The Holding Foreign Companies Accountable Act

The Holding Foreign Companies Accountable Act, or the HFCAA, was enacted on December 18, 2020. The HFCAA states that if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit our shares or ADSs from being traded on a national securities exchange or in the over-the-counter trading market in the United States. Since our auditor is located in China, a jurisdiction where the PCAOB has been unable to conduct inspections without the approval of the Chinese authorities, our auditor is not currently inspected by the PCAOB. The related risks and uncertainties could cause the value of our ADSs to significantly decline or be worthless. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—The PCAOB is currently unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections over our auditor deprives our investors with the benefits of such inspections” and “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—Our ADSs will be prohibited from trading in the United States under the HFCAA in 2024 if the PCAOB is unable to inspect or fully investigate auditors located in China, or in 2023 if proposed changes to the law are enacted. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.”

Impact of Taxation on Dividends

We are incorporated in the Cayman Islands and had historically conducted businesses in China through our PRC subsidiaries and the former VIEs. Under the current laws of the Cayman Islands, we are not subject to tax on income or capital gains. In addition, upon payments of dividends to our shareholders, no Cayman Islands withholding tax will be imposed.

Our Mainland China and Hong Kong subsidiaries and the former VIEs have incurred cumulative losses since inception. We have no current intention to pay dividends to shareholders.

For purposes of illustration, the following discussion reflects the hypothetical taxes that might be required to be paid in Mainland China and Hong Kong, assuming that: (i) we have taxable earnings, and (ii) we determine to pay a dividend in the future:

 

 

 

Tax calculation(1)

 

Hypothetical pre-tax earnings(2)

 

 

100.0

%

Tax on earnings at statutory rate of 25%(3)

 

 

(25.0

)%

Net earnings available for distribution

 

 

75.0

%

Withholding tax at standard rate of 10%(4)

 

 

(7.5

)%

Net distribution to Parent/Shareholders

 

 

67.5

%

 

Notes:

(1)
For purposes of this example, the tax calculation has been simplified.
(2)
The hypothetical pre-tax earnings are assumed to equal taxable income in China, without considering timing differences.
(3)
Certain subsidaries in Mainland China qualifies for a 15% preferential income tax rate. However, such rate is subject to qualification, is temporary in nature, and maynot be available in a future period when distributions are paid. For

5


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purposes of this hypothetical example, the table above reflects a maximum tax scenario under which the full statutory rate would be effective.
(4)
The PRC Enterprise Income Tax Law imposes a withholding income tax of 10% on dividends distributed by a foreign invested enterprise to its immediate holding company outside of China. A lower withholding income tax rate of 5% is applied if the foreign-invested enterprise’s immediate holding company is registered in Hong Kong or other jurisdictions that have a tax treaty arrangement with China, subject to a qualification review at thetime of the distribution. For purposes of this hypothetical example, the table above assumes a maximum tax scenario under which the full withholding tax would be applied.

If our existing PRC subsidiaries or any newly formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us. In addition, our WFOEs are permitted to pay dividends to us only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Under PRC law, each of our subsidiaries and the former VIEs in China is required to set aside at least 10% of its after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. In addition, our subsidiaries and the former VIEs may allocate a portion of their after-tax profits based on PRC accounting standards to discretionary surplus funds at their discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated by SAFE. Some of our PRC subsidiaries will not be able to pay dividends until they generate accumulated profits and meet the requirements for statutory reserve funds. For restrictions and limitations on our ability to distribute earnings from our businesses, including subsidiaries and the former VIEs, to our Company and investors as well as the ability to settle amounts owed under historical VIE agreements, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—PRC regulations on loans and direct investments by offshore holding companies to PRC entities may delay or prevent us from making loans or additional capital contributions to our PRC entities.”

A. Selected Financial Data

We changed our fiscal year end from December 31 to March 31 in April 2020. The selected consolidated statements of comprehensive loss data for the year ended December 31, 2019, the three months ended March 31, 2020, and the fiscal years ended March 31, 2021 and 2022, the selected consolidated balance sheets data as of March 31, 2021 and 2022, and selected consolidated cash flow data for the year ended December 31, 2019, the three months ended March 31, 2020, and the fiscal years ended March 31, 2021 and 2022 have been derived from our audited consolidated financial statements, which are included in this annual report beginning on page F-1. The selected consolidated statements of comprehensive loss data and selected consolidated cash flow data for the years ended December 31, 2017 and 2018, and selected consolidated balance sheets data as of December 31, 2017, 2018 and 2019 and March 31, 2020 have been derived from our audited consolidated financial statements which are not included in this annual report. Our consolidated financial statements are prepared and presented in accordance with U.S. GAAP. Our historical results do not necessarily indicate results expected for any future periods. You should read this Selected Financial Data section together with our consolidated financial statements and the related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this annual report.

In July 2019, September 2019 and April 2020, we entered into a binding term sheet, definitive agreements and supplemental agreements, respectively, with Golden Pacer, a limited liability company incorporated and existing under the laws of the Cayman Islands that operates a leading financial technology platform in China, to divest our loan facilitation related business. In April 2020, we entered into supplemental agreements with Golden Pacer to modify and supplement certain terms and conditions in connection with the divestiture (these agreements are collectively referred to as “Loan facilitation transaction agreements”). Pursuant to the Loan facilitation transaction agreements, we divested our entire 2C intra-regional business and ceased to provide loan facilitation related guarantee services in connection with our 2C cross-regional business (which became the sole component of our 2C business following the divestiture and is currently referred to as “2C online transaction business”) since November 2019. In addition, we have divested the assets and liabilities in relation to our historically-facilitated loans for XW Bank to Golden Pacer as one of the pre-conditions for the transaction. As a result, assets and liabilities related to the historically-facilitated loans for XW Bank were reclassified on a net basis as net assets transferred on our consolidated balance sheet as of December 31, 2019, and results of operations related to the divested business were reported as loss from discontinued operations in the consolidated statements of comprehensive loss. The transactions contemplated under the Loan facilitation transaction agreements closed upon the signing of the supplemental agreements in April 2020.

In addition, we entered into definitive agreements with Beijing Hengtai Boche Auction Co. Ltd., or Boche, in January 2020 to divest our salvage car related business. Assets and liabilities associated with the divestiture of the salvage car related

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business were reclassified as assets and liabilities held for sale on our consolidated balance sheet as of December 31, 2019. Due to the insignificance of the salvage car business to our overall business, the divested business did not meet the criteria of discontinued operations and the results of operations were not presented as discontinued operations. The transaction with Boche closed in January 2020.

In March 2020, we entered into definitive agreements with 58.com to divest our B2B online used car auction business (which constituted the core of our 2B business). Liabilities associated with the divestiture were reclassified as liabilities held for sale on our consolidated balance sheet as of December 31, 2019 and March 31, 2020. Results of operations related to the divested 2B business were reported as loss from discontinued operations in the consolidated statements of comprehensive loss. The transaction with 58.com was closed in April 2020.

In September 2020, we shifted to an inventory-owning model where we build-up and sell our own inventory of used cars.

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Unless indicated otherwise, the discussion of our financial data in this annual report relates to continuing operations only. The following table presents our selected consolidated statements of comprehensive loss data for the years ended December 31, 2017, 2018, and 2019, the three months ended March 31, 2019 and 2020, and the fiscal years ended March 31, 2021 and 2022:

 

 

 

For the Year Ended December 31,

 

 

For the Three Months
Ended March 31,

 

 

For the Fiscal Years
Ended March 31,

 

 

 

2017

 

 

2018

 

 

2019

 

 

2019

 

 

2020

 

 

2021

 

 

2022

 

 

 

RMB

 

 

RMB

 

 

RMB

 

 

RMB

 

 

RMB

 

 

RMB

 

 

RMB

 

 

US$

 

 

 

(Unaudited)

 

 

 

(in thousands, except for share data)

 

Selected Consolidated Statements of Comprehensive Loss Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail vehicle sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

463,547

 

 

 

780,371

 

 

 

123,101

 

Wholesale vehicle sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51,249

 

 

 

823,466

 

 

 

129,899

 

Commission revenue

 

 

 

 

 

203,158

 

 

 

711,362

 

 

 

148,840

 

 

 

48,038

 

 

 

41,939

 

 

 

 

 

 

 

Value-added service revenue

 

 

 

 

 

166,482

 

 

 

636,046

 

 

 

135,475

 

 

 

40,456

 

 

 

35,248

 

 

 

 

 

 

 

Others

 

 

309,133

 

 

 

289,450

 

 

 

240,623

 

 

 

51,476

 

 

 

15,367

 

 

 

65,425

 

 

 

32,279

 

 

 

5,092

 

Total Revenues

 

 

309,133

 

 

 

659,090

 

 

 

1,588,031

 

 

 

335,791

 

 

 

103,861

 

 

 

657,408

 

 

 

1,636,116

 

 

 

258,092

 

Cost of revenues(2)

 

 

(92,735

)

 

 

(418,852

)

 

 

(689,292

)

 

 

(156,372

)

 

 

(110,714

)

 

 

(673,711

)

 

 

(1,588,398

)

 

 

(250,564

)

Gross profit

 

 

216,398

 

 

 

240,238

 

 

 

898,739

 

 

 

179,419

 

 

 

(6,853

)

 

 

(16,303

)

 

 

47,718

 

 

 

7,528

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing(2)

 

 

(179,328

)

 

 

(1,488,699

)

 

 

(1,184,997

)

 

 

(345,673

)

 

 

(189,503

)

 

 

(339,013

)

 

 

(222,139

)

 

 

(35,042

)

Research and development(2)

 

 

 

 

 

(124,513

)

 

 

(140,006

)

 

 

(32,634

)

 

 

(31,176

)

 

 

(74,137

)

 

 

(36,200

)

 

 

(5,710

)

General and administrative(2)

 

 

(389,072

)

 

 

(1,070,419

)

 

 

(402,040

)

 

 

(86,970

)

 

 

(74,926

)

 

 

(277,925

)

 

 

(151,024

)

 

 

(23,823

)

Gains/(losses) from guarantee liabilities

 

 

1,840

 

 

 

(4,414

)

 

 

(194,385

)

 

 

(9,188

)

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses, net

 

 

(38,075

)

 

 

(40,626

)

 

 

(271,372

)

 

 

 

 

 

(1,939,570

)

 

 

(91,593

)

 

 

687

 

 

 

108

 

Total operating expenses

 

 

(604,635

)

 

 

(2,728,671

)

 

 

(2,192,800

)

 

 

(474,465

)

 

 

(2,235,175

)

 

 

(782,668

)

 

 

(408,676

)

 

 

(64,467

)

Other operating income, net

 

 

 

 

 

 

 

 

1,925

 

 

 

 

 

 

56,043

 

 

 

246,346

 

 

 

82,017

 

 

 

12,938

 

Loss from continuing operations

 

 

(388,237

)

 

 

(2,488,433

)

 

 

(1,292,136

)

 

 

(295,046

)

 

 

(2,185,985

)

 

 

(552,625

)

 

 

(278,941

)

 

 

(44,001

)

Interest income

 

 

2,234

 

 

 

24,554

 

 

 

14,958

 

 

 

1,990

 

 

 

3,081

 

 

 

45,140

 

 

 

3,660

 

 

 

577

 

Interest expenses

 

 

(199

)

 

 

(63,880

)

 

 

(112,587

)

 

 

(26,493

)

 

 

(29,029

)

 

 

(95,953

)

 

 

(41,222

)

 

 

(6,503

)

Other income

 

 

4,248

 

 

 

23,721

 

 

 

71,142

 

 

 

25,140

 

 

 

2,420

 

 

 

15,672

 

 

 

5,227

 

 

 

825

 

Other expenses

 

 

(3,808

)

 

 

(25,568

)

 

 

(36,569

)

 

 

(4,751

)

 

 

(10,118

)

 

 

(7,890

)

 

 

(8,925

)

 

 

(1,408

)

Foreign exchange (losses)/gains

 

 

(627

)

 

 

(8,232

)

 

 

4,247

 

 

 

(799

)

 

 

(388

)

 

 

(15,887

)

 

 

(9,336

)

 

 

(1,473

)

Fair value change of derivative liabilities

 

 

(885,821

)

 

 

1,185,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value impact of the issuance of senior
   convertible preferred shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

186,231

 

 

 

29,377

 

Gain from disposal of investment, net

 

 

 

 

 

 

 

 

28,257

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment of long-term investment

 

 

 

 

 

 

 

 

(37,775

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain from disposal of subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

179,020

 

 

 

 

 

 

 

 

 

 

Inducement charge of convertible notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(121,056

)

 

 

 

 

 

 

Loss from continuing operations before income tax expense

 

 

(1,272,210

)

 

 

(1,352,748

)

 

 

(1,360,463

)

 

 

(299,939

)

 

 

(2,040,999

)

 

 

(732,599

)

 

 

(143,306

)

 

 

(22,606

)

Income tax (expense)/benefit

 

 

(211

)

 

 

(1,644

)

 

 

2,554

 

 

 

(1,556

)

 

 

(326

)

 

 

(33

)

 

 

(245

)

 

 

(39

)

Equity in income of affiliates, net of tax

 

 

3,597

 

 

 

2,631

 

 

 

30,231

 

 

 

5,956

 

 

 

6,940

 

 

 

15,657

 

 

 

328

 

 

 

52

 

Net loss from continuing operations, net of tax

 

 

(1,268,824

)

 

 

(1,351,761

)

 

 

(1,327,678

)

 

 

(295,539

)

 

 

(2,034,385

)

 

 

(716,975

)

 

 

(143,223

)

 

 

(22,593

)

Less: net loss attributable to non-controlling
   interests shareholders

 

 

(25,202

)

 

 

(15,771

)

 

 

(1,452

)

 

 

(445

)

 

 

(5,383

)

 

 

(9

)

 

—-

 

 

—-

 

Net loss from continuing operations, attributable to UXIN LIMITED

 

 

(1,243,622

)

 

 

(1,335,990

)

 

 

(1,326,226

)

 

 

(295,094

)

 

 

(2,029,002

)

 

 

(716,966

)

 

 

(143,223

)

 

 

(22,593

)

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss)/income from discontinued operations before income tax

 

 

(1,478,615

)

 

 

(173,583

)

 

 

(659,458

)

 

 

22,977

 

 

 

(455,177

)

 

 

295,744

 

 

 

 

 

 

 

Income tax expense

 

 

(359

)

 

 

(12,941

)

 

 

(2,992

)

 

 

(12,422

)

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss)/income from discontinued operations, net of tax

 

 

(1,478,974

)

 

 

(186,524

)

 

 

(662,450

)

 

 

10,555

 

 

 

(455,177

)

 

 

295,744

 

 

 

 

 

 

 

Net (loss)/income from discontinued operations, attributable to UXIN LIMITED

 

 

(1,478,974

)

 

 

(186,524

)

 

 

(662,450

)

 

 

10,555

 

 

 

(455,177

)

 

 

295,744

 

 

 

 

 

 

 

Net loss

 

 

(2,747,798

)

 

 

(1,538,285

)

 

 

(1,990,128

)

 

 

(284,984

)

 

 

(2,489,562

)

 

 

(421,231

)

 

 

(143,223

)

 

 

(22,593

)

Less: net loss attributable to non-controlling
   interests shareholders

 

 

(25,202

)

 

 

(15,771

)

 

 

(1,452

)

 

 

(445

)

 

 

(5,383

)

 

 

(9

)

 

 

 

 

 

 

Net loss attributable to UXIN LIMITED

 

 

(2,722,596

)

 

 

(1,522,514

)

 

 

(1,988,676

)

 

 

(284,539

)

 

 

(2,484,179

)

 

 

(421,222

)

 

 

(143,223

)

 

 

(22,593

)

Accretion on redeemable preferred shares

 

 

(555,824

)

 

 

(318,951

)