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Why Uxin Stock Absolutely Soared Today

TheMotleyFool

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Shares of Uxin Limited (NASDAQ: UXIN), a Chinese used-car e-commerce company, absolutely soared on Thursday after the company disclosed a possible $300 million investment. As of 1 p.m. EDT, the stock was up a whopping 48%, but it had traded as much as 64% higher earlier in the session.

According to the official press release, two different Asian funds have signed binding term sheets with Uxin. Negotiations are ongoing, but the eventual agreements could add $300 million to Uxin's coffers. According to Yahoo! Finance, the company's market capitalization is approximately $600 million right now. Therefore, $300 million is extremely consequential for a company this size.

Image source: Getty Images.

Source Fool.com

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