(Yicai Global) June 16 -- Shares of Uxin slumped after the Chinese used car dealer said some owners of convertible bonds are turning their holdings into shares. Even new financing of up to USD315 million couldn't lift the sentiments.

Uxin's stock price [NASDAQ: UXIN] tumbled 12.9 percent to USD4.51 in New York yesterday after sliding as much as 21.8 percent intraday. The shares have more than quadrupled in value since March due to new funding.

The Beijing-based second-hand car dealer has penned a financing agreement with electric vehicle manufacturer Nio's venture capital arm and VC titan Joy Capital, it said before the US stock market opened yesterday, without disclosing the resulting shareholding ratio.

Multiple investors, including classifieds platform 58.Com, TPG, and private equity firm Warburg Pincus will turn USD69 million worth of convertible bonds into Class A common stock, Uxin said yesterday. But they, as well as Nio Capital and Joy Capital, have promised not to the sell the shares in the next nine months, it added.

On April 1, Uxin said it had signed a binding letter of intent with two Asian funds to gain as much as USD300 million in funding.

Editor: Emmi Laine, Xiao Yi