Uxin Limited (UXIN) saw a push of 9.46% in the premarket after the company reported unaudited the first quarter of the fiscal year 2022 results. However, the last trading session closed at $2.96 with an incline of 2.78%.
First Quarter of Fiscal Year 2022 Results
UXIN announced the results of the first quarter of the fiscal year 2022 on 24th September 2021. For the three months ending June 30, 2021, total revenues were RMB277.8 million (US$43.0 million). The increase was largely attributable to higher gross revenue recognized from September 2020. This was a consequence of the Company selling used vehicles from its own inventory. It was somewhat offset by lower retail transaction volume and GMV1 as a result of the Company’s business model transition. For the three months ending June 30, 2021, retail car sales revenue was RMB91.7 million (US$14.2 million), up from zero the previous year.
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Appointment of New Independent Director and Changes to Board Composition
UXIN announced certain changes in the Board on 17th September 2021. Firstly, Mr. Shun Lam Steven Tang is now working in Board audit, remuneration, and nominating and corporate governance committees. Secondly, Mr. Hansong Zhu is the chairman of the Board’s pay committee, in addition to his role as chairman of the Board’s audit committee. Thirdly, Mr. Zheng Xu is no longer a member of the audit committee or the nominating and corporate governance committee of the Board of Directors. Lastly, Mr. Jun Wang, the Company’s director, and the chief financial officer is no longer a member of the remuneration committee.
The fiscal Year 2021 Financial Results by UXIN
On 30 July 2021, UXIN reported the fourth quarter and fiscal year 2021 financial results. For the three months ending March 31, 2021, total revenues were RMB196.0 million (US$29.9 million). The increase was largely attributable to higher gross revenue. Moreover, for the three months ending March 31, 2021, retail car sales revenue was RMB124.6 million (US$19.0 million). The retail transaction volume was 988 units, all of which were sold from the Company’s own inventory. Lastly, for the three months ending March 31, 2021, wholesale car sales revenue was RMB51.3 million, up from zero the previous year.
