GIC ups its stake in Chinese used-car dealer startup Uxin

After taking an initial 5.01% stake – a total of 42.04 million shares – in Uxin in October last year, the filing now shows that GIC has increased its stake to a total of 123.76 million shares, out of which it has 101.3 million shares with sole voting power and 22.46 million shares with shared voting power.

Shares of Uxin rose to US$1.10 on October 8 – up from US$1 the previous day – when the filing reported GIC’s increased shareholding in the company.

On October 6, Uxin said it had agreed with two undisclosed international investors for private placements of 84.69 million shares for US$25 million, allowing other existing shareholders Warburg Pincus, TPG, and Chinese online marketplace 58.com to adjust the pricing on their convertible notes. This was to be completed simultaneously with the equity deal, it added.

The company’s shares closed at US$1.02 yesterday. A separate filing dated the same day shows that 58.com holds a 9.9% stake in Uxin.  TPG has previously said it holds a 7.2% stake in Uxin, while Warburg Pincus holds a 14.2% stake.