The largest used car e-commerce platform in China, Uxin, has listed on the Nasdaq Stock Exchange in the US, The Paper reported.

The company plans to issue a total 25 million American depositary shares, each representing three class A ordinary shares at a price of US$9 per ADS, to raise approximately US$205 million.

Together with a private placement of $175 million of convertible bonds, the total amount raised will hit $400 million.

According to the announcement, US$70 million of the funds raised will be used to improve the transaction service on the platform, and $70 million will be used for research and development.

The remaining funds will be used for operational purposes, including strategic investments and mergers and acquisitions.

Dai Kun, the founder, chairman and CEO of the company said their market share has reached 40% domestically, and they are operating in more than 270 cities in China with over 670 stores.

In 2017, more than 630,000 used cars were sold on Uxin, an increase of 67.9% from a year earlier, which means more than 1,700 cars were sold on the platform each day.