Chinese used car seller Uxin announced Monday that it has agreed a binding terms sheet with two existing investors for a subscription deal. Under the agreement, the Nasdaq-listed company will issue $100 million worth of convertible preferred shares to Nio Capital, the investment arm of electric car startup Nio, and private equity firm Joy Capital at $0.23 per share. The agreements are expected to be signed by June this year. The deal follows a prior $315 million share subscription deal that was announced by the company in June 2021. Shares in Uxin rose nearly 20% on Monday after the announcement of the much-needed funding. The company’s share price has dropped more than 84% over the past year amid China’s economic slowdown and sluggish consumption dynamics. [Uxin press release]