Uxin, the Chinese used auto marketplace, has announced that Wenbing Jing has resigned as the company’s chief strategy officer, effective Dec. 1. During his tenure, Jing oversaw the company’s loan facilitation business, which is currently in the process of being divested to 58.com affiliate Golden Pacer.
Jing’s exit marks the third time in the past six months that Uxin (Nasdaq: XIN) has shaken up its senior executives. In Sept., Uxin announced that COO William Peng had resigned “due to his pursuit of other career interests in the investment area.”
Kun Dai, founder, chairman and CEO of Uxin, said, “Wenbing has been a long-time friend and trusted partner and helped drive the fast growth of our business over the past several years. We sincerely appreciate Wenbing’s contributions and dedication to the company and wish him the best in his future endeavors.”
In August, Uxin’s plans to raise over 670 million RMB ($97 million U.S.) through a pair of asset-backed securities (ABS) were scuppered. Uxin first announced the plan in late 2018, but has failed to follow through on the ABS applications.
Uxin saw revenues jump by more than 50% year-over-year in Q2, driven by a 500% jump in b-to-c transactions, as the company’s inter-regional logistics network began to pay dividends.