| CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY |
27.
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
The
Company performed a test on the restricted net assets of consolidated subsidiaries in accordance with Securities and Exchange Commission
Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company
to disclose the financial statements for the parent company.
The
subsidiaries did not pay any dividends to the Company for the periods presented. For the purpose of presenting parent company only financial
information, the Company records its investments in its subsidiaries under the equity method of accounting. Such investments are presented
on the separate condensed balance sheets of the Company as “Investments (deficit) in subsidiaries” and the loss of the subsidiaries
is presented as “share of losses of subsidiaries”. Certain information and footnote disclosures generally included in financial
statements prepared in accordance with US GAAP have been condensed and omitted. The footnote disclosures contain supplemental information
relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated
financial statements of the Company.
The
parent company did not have significant capital and other commitments, long-term obligations, other long-term debt, or guarantees as
of March 31, 2024 and December 31, 2024.
SCHEDULE OF BALANCE SHEETS
Balance
sheets
| | |
March 31, 2024 | | |
December 31, 2024 | |
| | |
RMB | | |
RMB | |
| | |
| | |
| |
| ASSETS | |
| | | |
| | |
| | |
| | | |
| | |
| Cash and cash equivalents | |
| 2,206 | | |
| 850 | |
| Amounts due from intra-Group entities | |
| 10,012,615 | | |
| 10,144,302 | |
| Other receivables | |
| 2,306 | | |
| 2,457 | |
| Prepaid expenses | |
| 316 | | |
| 89 | |
| | |
| | | |
| | |
| Total assets | |
| 10,017,443 | | |
| 10,147,698 | |
| | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | |
| | | |
| | |
| | |
| | | |
| | |
| Other payables and other current liabilities | |
| 11,922 | | |
| 29,942 | |
| Investment deficit in subsidiaries | |
| 10,205,332 | | |
| 10,391,493 | |
| Amounts due to intra-Group entities | |
| 93,040 | | |
| 94,265 | |
| | |
| | | |
| | |
| Total liabilities | |
| 10,310,294 | | |
| 10,515,700 | |
UXIN
LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
27.
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (CONTINUED)
Balance
sheets (Continued)
| | |
March 31, 2024 | | |
December 31, 2024 | |
| | |
RMB | | |
RMB | |
| | |
| | |
| |
| Shareholders’ deficit | |
| | | |
| | |
| | |
| | | |
| | |
| Ordinary shares (US$0.0001 par value, 190,100,000,000 and 190,100,000,000 shares authorized as of March 31, 2024 and December 31, 2024, respectively; 56,340,671,538 Class A ordinary shares and 40,809,861 Class B ordinary shares issued and outstanding as of March 31, 2024; 56,354,853,138 Class A ordinary shares and 40,809,861 Class B ordinary shares issued and outstanding as of December 31, 2024) | |
| 39,806 | | |
| 39,816 | |
| Ordinary shares (US$0.0001 par value, 190,100,000,000 and 190,100,000,000 shares authorized as of March 31, 2024 and December 31, 2024, respectively; 56,340,671,538 Class A ordinary shares and 40,809,861 Class B ordinary shares issued and outstanding as of March 31, 2024; 56,354,853,138 Class A ordinary shares and 40,809,861 Class B ordinary shares issued and outstanding as of December 31, 2024) | |
| 39,806 | | |
| 39,816 | |
| Additional paid-in capital | |
| 18,928,837 | | |
| 19,007,948 | |
| Subscription receivable from shareholders | |
| (107,879 | ) | |
| (60,467 | ) |
| Accumulated other comprehensive income | |
| 225,090 | | |
| 227,718 | |
| Accumulated deficit | |
| (19,378,705 | ) | |
| (19,583,017 | ) |
| Total shareholders’ deficit | |
| (292,851 | ) | |
| (368,002 | ) |
| | |
| | | |
| | |
| Total liabilities and shareholders’ deficit | |
| 10,017,443 | | |
| 10,147,698 | |
Statements
of comprehensive loss
SCHEDULE OF STATEMENT OF COMPREHENSIVE LOSS
| | |
2023 | | |
2024 | | |
2024 | |
| | |
For the fiscal year ended March 31, | | |
For the nine months ended
December 31, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
RMB | |
| | |
| | |
| | |
| |
| Operation expense | |
| | | |
| | | |
| | |
| Sales and marketing | |
| - | | |
| - | | |
| - | |
| Research and development | |
| - | | |
| - | | |
| - | |
| General and administrative | |
| (64,254 | ) | |
| (73,236 | ) | |
| (89,099 | ) |
| Provision for credits losses, net | |
| (273 | ) | |
| - | | |
| - | |
| Total operating expenses | |
| (64,527 | ) | |
| (73,236 | ) | |
| (89,099 | ) |
| | |
| | | |
| | | |
| | |
| Loss from operations | |
| (64,527 | ) | |
| (73,236 | ) | |
| (89,099 | ) |
| | |
| | | |
| | | |
| | |
| Share of loss of subsidiaries | |
| (331,935 | ) | |
| (299,613 | ) | |
| (114,011 | ) |
| Interest income/(expense), net | |
| 13 | | |
| (546 | ) | |
| (1,806 | ) |
| Other income, net | |
| 16,560 | | |
| 12,746 | | |
| 604 | |
| Foreign exchange (loss)/gain | |
| (1 | ) | |
| 38 | | |
| - | |
| Fair value impact of the issuance of senior convertible preferred shares | |
| 242,733 | | |
| (11,776 | ) | |
| - | |
| Net loss | |
| (137,157 | ) | |
| (372,387 | ) | |
| (204,312 | ) |
| | |
| | | |
| | | |
| | |
| Deemed dividend to preferred shareholders due to triggering of a down round feature | |
| (755,635 | ) | |
| (2,060,254 | ) | |
| - | |
| Net loss attributable to ordinary shareholders | |
| (892,792 | ) | |
| (2,432,641 | ) | |
| (204,312 | ) |
| | |
| | | |
| | | |
| | |
| Net loss | |
| (137,157 | ) | |
| (372,387 | ) | |
| (204,312 | ) |
| Other comprehensive (loss)/income | |
| | | |
| | | |
| | |
| Foreign currency translation | |
| (68,276 | ) | |
| 4,905 | | |
| 2,628 | |
| Total comprehensive loss | |
| (205,433 | ) | |
| (367,482 | ) | |
| (201,684 | ) |
UXIN LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except for share and per share data, unless otherwise noted)
27.
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (CONTINUED)
Statements
of cash flow
SCHEDULE OF STATEMENTS OF CASH FLOWS
| | |
2023 | | |
2024 | | |
2024 | |
| | |
For the fiscal year ended March 31, | | |
For the nine months ended December 31, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
RMB | |
| | |
| | |
| | |
| |
| Net cash generated from/(used in) operating activities | |
| 187 | | |
| (11,150 | ) | |
| (3,719 | ) |
| Net cash used in investing activities | |
| - | | |
| (204,327 | ) | |
| (69,612 | ) |
| Net cash generated from financing activities | |
| 62,300 | | |
| 153,269 | | |
| 71,953 | |
| Effect of exchange rate changes on cash and cash equivalents | |
| (842 | ) | |
| 2,170 | | |
| 22 | |
| Net increase/(decrease) in cash and cash equivalents | |
| 61,645 | | |
| (60,038 | ) | |
| (1,356 | ) |
| Cash and cash equivalents at beginning of the period | |
| 599 | | |
| 62,244 | | |
| 2,206 | |
| Cash and cash equivalents at end of the period | |
| 62,244 | | |
| 2,206 | | |
| 850 | |
|