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China’s used car marketplace Uxin to raise $230M via convertible notes – TechCrunch

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Uxin, a Chinese second-hand car dealer with Leonardo DiCaprio as its latest brand ambassador, is tipped to get a bag of new funding less than a year after it raised $225 million from its public offering on the Nasdaq.

The company announced on Wednesday that it’s selling $230 million worth of convertible notes to 58.com — China’s answer to Craigslist, Warburg Pincus, TPG and other investors. The notes, due in June, convert to Uxin’s Class A ordinary shares at a price of $1.03 per share or $3.09 per ADS. Upon closing the deal, each of 58.com, Warburg Pincus and TPG will obtain the right to nominate one board director to Uxin.

Uxin was trading at $2.46 at the end of Tuesday, a 74 percent decline from its recent peak in January. Its stock tanked in April after short-seller J Capital Research broadsided it over alleged frauds. Uxin denied the accusations, saying they were “false and misleading.”

The Chinese company is in a bruising fight with well-backed rivals including Chehaoduo, which pocketed $1.5 billion from Softbank’s Vision Fund in February, and Renrenche, which raised $300 million led by Goldman Sachs a year earlier.

As part of the transaction, 58.com, a 14-year-old Chinese internet firm that went public in New York six years ago, will come into a strategic partnership with Uxin in areas such as user traffic and inventory acquisition, used-car inspection, big data analysis and SaaS, says Uxin in a statement. The move follows Uxin’s agreement with Alibaba in December to set up a used car section on the ecommerce giant’s Taobao marketplace.

There are increasing synergies between 58.com and Uxin as both are exploring opportunities outside the crowded markets of China’s megacities. 58.com hit a notable milestone in 2018 after it racked up 100 million new users for its classifieds services customized for small-town populations, which include everything from job listings to trading cars.

In the same vein, Uxin has churned out reports that show demand for used cars coming from China’s lower-tier cities has surged in recent years. The boom is in part a result of a new Chinese policy that allows consumers to buy second-hand cars from a different province, enriching the variety of car options for rural residents.

“We see enormous growth potential in China’s used car market and believe that the volume of used-car transactions will overtake that of new cars in the years ahead,” said Michael Yao, chairman and chief executive officer of 58.com, which runs its own online used car business.

The deal will allow 58 Used Car to “benefit from Uxin’s tremendous offline transaction-related expertise,” added Yao, referring to Uxin’s mix of digital and physical sales channels. “By jointly integrating our online and offline services, we will be ideally positioned to significantly enhance the user experience for purchasing used cars and drive greater efficiency in this growing market.”

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The Real Reason Betamax Lost The Format Wars

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JVC officially announced the VHS-format VCR in 1976 and with two formats on the market, both sides dug in (via Sony). Mitsubishi Electric, Matsushita, Hitachi, Sharp, and Akai Electric went with JVC’s VHS format, while Toshiba, Sanyo Electric, NEC, Aiwa, and Pioneer sided with Sony’s Beta format. Sony visited Matsushita’s Osaka headquarters at the end of 1976 to try and persuade them to adopt Betamax. Sony placed one of its players next to a JVC player with both lids off, and Matsushita went with JVC’s player because they had fewer components and could be made for less money.

It wasn’t just the recording media themselves that were better; Sony’s videotape players and recorders were better because they manufactured most of them themselves. And if Sony didn’t build them, it was done by manufacturers they closely monitored, so quality was never an issue. But according to Grunge, JVC wanted to do things differently and licensed its VHS technology to any manufacturer that wanted to make its VCRs. Sony wouldn’t allow its players to be made without direct oversight. This decision ultimately helped lead to the demise of the Beta format as it fostered competition between the various companies making the VHS players and, in turn, eventually drove the prices down to a level far more affordable choice than Sony’s high-priced machines.

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How To Fix Your OnePlus When It’s Charging Slowly

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First, examine your phone’s USB port under a bright light from different angles. Unless you scrub the port every few months, you’ll find dirt and grime lodged into its crevices. Moisture can also harden the build-up, making it difficult to scrape off. But with the right tools and a bit of elbow grease, you can wipe all the dust and debris from your OnePlus charging port.

You’ll need a flashlight or lamp, a toothpick or a cotton bud, and a compressed air duster or bulb syringe. Experts recommend using wooden toothpicks or cotton swabs because they’re non-conductive and don’t interfere with the circuitry. Sharp metal implements like thumbtacks and safety pins can scratch and damage the fragile USB port (via Asurion). Also, avoid blowing air on the phone because your breath contains moisture, making the cleaning even trickier.

To get started, turn off your OnePlus. And use the compressed air duster or bulb syringe to clear out any loose dust and dirt. Next, gently and carefully scrape the build-up with the toothpick or cotton bud. Use a flashlight or lamp to reach the tight corners. You can also tilt the phone or give it slight taps to clear out the scrapings. Finish off with a few more bursts of compressed air. Turn your phone on and test if the slow charging is fixed.

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The 10 Best Aftermarket Parts For Your Ford Bronco

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For those unfamiliar with the tools of the great outdoors, a winch is a device that employs a spool, a length of cable, usually steel braided, and a hook of some kind to aid in several tasks. The most common use of a winch on a 4X4 is to help it get out of a stuck situation. Should your Bronco get mired in mud or fail to overcome a big rock, letting out the winch cable and hooking it onto something solid, like a stout tree, enables the winch to pull it to freedom.

Winches come with various levels of power and cable types and can be installed in various locations. For the purposes of an offroad Bronco, the front bumper is ideal. Not only can it get itself out of a sticky situation, but you can also help a friend by pulling them to safety. Winches can also be set to task as tools. In an emergency, for example, a winch can help to remove a fallen limb somewhere or to drag a heavy object from a body of water.

The Drive notes that winches can be electric, which is handy as the Bronco comes with auxiliary switches for accessories, or hydraulic, running off a power steering pump. Cost ranges from around $350 to $900 and some of the most popular brands are Warn and Superwinch.

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