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Uxin Ltd. (NASDAQ: UXIN), a Chinese used-car platform providing b-to-b and b-to-c services, has opened its IPO on the Nasdaq Stock Exchange. The company plans to issue a total of 25 million ADS, each representing three class A ordinary shares at a price of $9 U.S. per ADS; to raise net proceeds of approximately $205 million U.S..

According to the company’s most recent filing, of the funds raised from the IPO, approximately $70 million U.S. will be put toward improving transaction service capabilities; $70 million U.S. will be invested into research and development; and the balance will be used for general corporate purposes, “including funding potential strategic investments and acquisitions, although we have not identified any specific investments or acquisition opportunities at this time”.

Appearing on CNBC yesterday, Uxin CEO Kun Dai noted that the company facilitated more than 600,000 used auto transactions in 2017. The company’s business consists of b-to-c platform Uxin Used Car (优信二手车) and the b-to-b used auto auction site Uxin Auction (优信拍).

It claims that the two platforms hold a 41 percent and 42 percent market share in the “to-c” and “to-b” markets, respectively (in terms of GMV). Its services are underpinned by advanced proprietary technology; extensive data on buyers, sellers, vehicles, and transactions; a highly scalable online platform; and an offline network of more than 670 service centers and seven transaction centers in over 270 cities throughout China.

In 2017, the transaction volume for used cars in China was 12.4 million vehicles compared to 41.5 million in the US.