(Yicai Global) May 17 -- Uxin’s shares jumped after the Chinese online second-hand car dealer said existing shareholders Joy Capital and Nio Capital will invest a further USD100 million in the Nasdaq-listed firm.

Uxin [NASDAQ: UXIN] closed up 7 percent at 45 US cents in New York yesterday, after earlier soaring as much as 29 percent. The stock is still down more than 92 percent from a 52-week closing high of USD5.18 in June last year.

The Beijing-based company will issue convertible preferred shares worth a total of USD100 million to venture capital firm Joy Capital and Nio Capital, a unit of electric automaker Nio, Uxin announced in a statement yesterday, citing the binding term sheet.

The new shares will be priced at 70 US cents each, a more than 50 percent premium on yesterday’s closing price, the firm added, noting that the final agreement is expected to be signed by the end of next month.

Uxin said the new funding is in addition to the up to USD315 million Nio Capital and Joy Capital agreed to invest, per a statement released last June.

Uxin narrowed its net loss 53 percent to CNY80.3 million (USD12.6 million) in the fourth quarter of last year from the same period a year earlier, based on Non-Generally Accepted Accounting Principles, its earnings report showed on March 29. Revenue rose 57 percent to CNY506.6 million (USD74.8 million), with used car deals up 111 percent to 4,865.

Editor: Futura Costaglione