Uxin (NASDAQ: UXIN), the China-based used car dealer, has appointed Feng Lin as its chief financial officer. Lin replaces Zhen Zeng, who left the company for personal reasons, according to a news release.
Lin has been at Uxin for almost two years. He most recently served as the company’s VP of finance. Lin has around 15 years of experience in corporate finances and has worked in the technology, financial and real estate industries. Before joining Uxin, he was vice general manager of finance at China Fortune Land Development and a finance director at Lenovo.
“Since joining as Vice President of finance in 2019, Feng has played an instrumental role in the day-to-day management of the Company’s finance function,” said Kun Dai, Uxin’s founder and CEO. “We believe that Feng’s extensive experience and dedication will strengthen the Company’s corporate strategy and overall financial management.”
Lin has his work cut out for him. Uxin’s pivot to 2C transactions has failed to work out as the company expected. Consumer sales in Q2 FY2021 were down substantially from the same quarter in FY2020. The company’s gross margin was (22.4%), compared to a positive margin of 56.9% the year before.