#China #Beijing #Uxin Limited #Used Car Retailer #Fiscal Year Change

Uxin’s Significant Fiscal Year Change

Uxin Limited, a leading used car retailer in China, has officially announced a strategic shift in its accounting practices by changing its fiscal year end from March 31 to December 31. This decision was approved by the company's Board of Directors and aims to streamline financial reporting processes.

The primary reason behind this change is to align Uxin’s financial reporting with global standards and enhance comparability with industry peers. By synchronizing its reporting cycle with the calendar year, Uxin aims to better respond to market trends and customer demands, ultimately leading to improved communication with stakeholders and investors.

Background on Uxin

Founded to revolutionize the used car industry, Uxin has pioneered various advancements in vehicle sales and services. With its innovative omni-channel strategy, Uxin not only operates a prominent online platform for a nationwide reach but also emphasizes offline inspection and reconditioning centers to bolster customer service. This dual approach enables the company to maintain a strong market presence across key regions in China.

Uxin prides itself on offering high-quality vehicles at reasonable prices, complemented by exceptional after-sales services. Over the span of more than a decade, Uxin has built robust management and operational capabilities, driven by an extensive database and continuous technological innovation.

Implications of the Change

The alteration in fiscal year end is effective immediately and represents a crucial step towards enhancing operational efficiency. This adjustment is expected to provide Uxin with considerable advantages, including:

• - Improved Financial Reporting: Aligning financial statements with global standards improves transparency and trust among investors, enhancing Uxin's credibility in a competitive market.
• - Operational Synchronization: The ability to synchronize operational planning and financial reporting is vital for a fast-moving industry where market responsiveness is key to maintaining a competitive edge.
• - Stakeholder Communication: Better alignment with industry practices allows Uxin to communicate essential performance metrics and insights more effectively, fostering stronger relationships with stakeholders.

Future Outlook

Looking ahead, Uxin continues to position itself as an industry leader, capitalizing on the ongoing growth of the used car market in China. The company remains committed to enhancing the customer experience through its innovative online and offline services.

As Uxin embarks on this new fiscal journey, it stands poised to tackle future challenges while ensuring that its operations are in tune with both market dynamics and global best practices.

Safe Harbor Statement

This announcement also contains forward-looking statements, which are made according to the safe harbor provisions of U.S. securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ considerably from those anticipated. Factors impacting these results might include market acceptance of Uxin's services, economic conditions, and competition in the used car e-commerce sector.

With these developments, Uxin is set to continue its trajectory as a pioneering and customer-centric brand in China's used car marketplace.