Uxin Announces Changes to Board of Directors
June 04 2019 - 8:15AM
Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), the largest
used car e-commerce platform in China, today announced changes to
its board of directors (the “Board”) in connection with the private
placement of US$230 million convertible notes of the Company
announced previously.
Mr. Jinbo Yao and Mr. Qiang Chang Sun have each
been appointed as a director to the Board. Mr. Shun Lam Steven Tang
has been appointed as an independent director to the Board and as
the chairperson of its audit committee, and a member of its
compensation committee and nominating and corporate governance
committee. Mr. Yong Zhong Huang has also been appointed as an
independent director to the Board and as a member of its audit
committee and compensation committee, and the chairperson of its
nominating and corporate governance committee.
In addition, Mr. Zhen Zeng and Mr. Brian Hongdi
Gu have resigned from their respective director position and will
no longer serve on the Board or any of its committees. Mr. Zeng
will remain as the Chief Financial Officer of the Company.
Following these changes to the Board, the audit
committee of the Board consists of Mr. Shun Lam Steven Tang, Mr.
Yong Zhong Huang and Ms. Rong Lu, with Mr. Shun Lam Steven Tang
serving as the chairperson, the compensation committee consists of
Mr. Shun Lam Steven Tang, Mr. Yong Zhong Huang and Ms. Rong Lu,
with Ms. Rong Lu serving as the chairperson, and the nominating and
corporate governance committee consists of Mr. Shun Lam Steven
Tang, Mr. Yong Zhong Huang and Ms. Rong Lu, with Mr. Yong Zhong
Huang serving as the chairperson.
Mr. Kun Dai, Founder, Chairman and Chief
Executive Officer of Uxin, said, “We are very pleased to welcome
Mr. Yao, Mr. Sun, Mr. Tang and Mr. Huang to our Board. Our new
directors bring deep industry expertise and extensive experience in
corporate strategy, business operations and management. We look
forward to working with them to extend Uxin’s leadership in the
used car e-commerce sector in China. We would also like to express
our sincere gratitude to Mr. Gu and Mr. Zeng for their significant
contributions to the Board over the past year.”
Mr. Jinbo Yao is the founder of 58.com Inc. and
has served as chairman of its board of directors and chief
executive officer since its inception. Mr. Yao is a pioneer in the
PRC internet industry. Before founding 58.com Inc., in 2000, Mr.
Yao founded domain.cn, a domain name transaction and value-added
service website in China. After domain.cn was acquired by net.cn in
September 2000, Mr. Yao served various managerial roles at net.cn
including vice president of sales until 2005. Mr. Yao currently
serves on the board of directors of two NYSE-listed companies,
namely Noah Holdings Limited, a leading wealth and asset management
service provider in China, and Cheetah Mobile Inc., a leading
mobile internet company. Mr. Yao received bachelor’s degrees in
computer science and chemistry from Ocean University of China
(formerly known as Ocean University of Qingdao).
Mr. Qiang Chang Sun has served as TPG’s Managing
Partner for China since September 2017. Prior to joining TPG, he
was chairman of the board of directors and founder of Black Soil
Group, an agriculture investment holding company. From 1995 to
2015, Mr. Sun was a partner at Warburg Pincus Asia and served as
chairman of Asia Pacific for the firm and a member of the firm’s
Executive Management Group. Mr. Sun holds a Bachelor of Arts degree
from the Beijing Foreign Studies University and a joint degree of
MA/MBA from the Joseph Lauder Institute of International Management
and the Wharton School of the University of Pennsylvania.
Mr. Shun Lam Steven Tang has served as an
executive director at Vital Mobile Holdings Limited (HKEx: 6133)
since 2015, where he oversees the compliance of Vital Mobile as a
public company. Prior to this, Mr. Tang served as the chairman of
the board of directors of RDA Microelectronics Limited (Nasdaq:
RDA) from 2009 to 2015. Mr. Tang served as the chief executive
officer of Coolsand Technology from 2008 to 2010. Mr. Tang has over
35 years of experience in high-tech, semiconductors, electronics,
automotive, forestry, pharmaceutical and consumer sectors, and has
served as directors and committee members of private companies and
publicly-listed companies. Mr. Tang received his bachelor’s degree
in electrical and electronic engineering from Nottingham University
and his MBA degree from Bradford University.
Mr. Yong Zhong Huang is the founder of Juntong
Capital, an independent equity investment firm that focuses on
private equity investments in China. Before founding Juntong
Capital in 2014, Mr. Huang was a global partner responsible for
Asian investments at Pantheon Ventures, a private equity fund of
funds with over US$30 billion under management. Prior to joining
Pantheon Ventures in 2004, Mr. Huang was the head of Shanghai
office for AIG Global Investment Co and also worked at Schroders
and Merrill Lynch as investment banker. Mr. Huang received his EMBA
degree from the PBC Finance School of Tsing Hua University and his
bachelor’s degree in finance from Shanghai University of Finance
and Economics.
About UxinUxin Limited (Nasdaq:
UXIN) is the largest used car e-commerce platform in China. Uxin’s
mission is to enable people to buy the car of their choice, no
matter where they are located or what their budget is. Uxin enables
consumers and dealers to buy and sell cars through an innovative
integrated online and offline platform that addresses each step of
the transaction and covers the entire value chain. Its online
presence is bolstered by an offline network of more than 1,300
service centers in over 400 prefecture-level cities throughout
China.
Safe Harbor StatementThis
announcement contains forward-looking statements. These statements
are made under the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates” and similar statements. Uxin may also make
written or oral forward-looking statements in its periodic reports
to the SEC, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that
are not historical facts, including statements about Uxin’s beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement. Further information
regarding these and other risks is included in Uxin’s filings with
the SEC. All information provided in this press release and in the
attachments is as of the date of this press release, and Uxin does
not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
For investor enquiries, please
contact:Nancy SongUxin Investor RelationsTel: +86 10
5691-6765Email: ir@xin.com
For media enquiries, please
contact:Yi-Ke HongBrunswick GroupTel: +86 10
5960-8600Email: uxin@brunswickgroup.com
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