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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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Pixel 6 can’t fly some DJI drones because of an incompatible app

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It’s not really that unusual for some mobile apps to stop working on newer phones, especially if the app hasn’t been updated in years. It’s a completely different situation, however, if the app in question comes from a large and popular brand that does support the latest smartphones. That’s the rather puzzling and infuriating situation that new Pixel 6 and Pixel 6 Pro owners have suddenly found themselves in after discovering that they can no longer fly their DJI drones. The company’s response, however, added insult to injury.

On the one hand, it might not exactly be too surprising for DJI owners and fans who have been keeping a close eye on the company’s products. Officially speaking, not even the Pixel 5 is listed in the company’s supported mobile devices, after all. On the other hand, the phone works just fine with the DJI Fly app, so Pixel 6 owners can’t be blamed for expecting the same situation with Google’s latest flagship.

Unfortunately, that isn’t the case, and owners of some DJI models are forced to decide between their new phone and their favorite drone. Several such owners are reporting that DJI’s Fly app only shows a black screen instead of the usual video feed, making the app practically useless. In fact, some are reporting that DJI’s other apps also crashed immediately on Pixel 6 phones.

DroneDJ reports that a DJI representative suggested using another phone just to be able to use the DJI Fly app. Unsurprisingly, that was met with harsh criticism and backlash since not everyone has the capacity to keep another phone just to fly a drone. DJI could always argue that it never promised the Pixel 6 to be compatible with the app, but few buyers are able to check those technical specifications first, especially if they’re not located in a discoverable place.

There’s also the mystery of why the app wouldn’t work on the Pixel 6 in the first place, especially if it has no problem working on other Android phones. It’s especially puzzling considering this is Google’s flagship, not an old phone from some lesser-known company. As one person put it, there would have been an even bigger uproar if it was discovered that DJI’s app didn’t support the iPhone 13.

DJI did acknowledge the issue and had at least promised to pay attention to it and resolve it ASAP. That said, it also adds that “if it bothers you a lot,” affected users should borrow or use a compatible phone, echoing the earlier recommendation. It’s definitely a disappointing and almost insulting response, and it doesn’t exactly inspire much hope if last year’s Pixel 5 hasn’t exactly been added to the official list yet in the first place.

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Galaxy Note production has reportedly ended

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As if Galaxy Note fans needed more reason to be glum this year, more news just dropped over the weekend that probably puts what might be the final name in the fan favorite’s coffin. There have been numerous reports of the Galaxy Note line’s demise, especially since it didn’t make an appearance this year. With the Galaxy S22 Ultra expected to pretty much stand in its place, this report about Samsung ceasing the production of Galaxy Note phones is both expected yet also disheartening for Galaxy Note believers.

Of course, nothing’s official yet, since it pretty much comes from the usual anonymous industry source. According to ETnews, Samsung is halting the production of the Galaxy Note series this year, which has all the elements of a prophecy of doom for the much-loved series. That said, there’s still a window of opportunity for Samsung to change course, at least after 2022.

The report says that the primary reason for Samsung stopping Galaxy Note production is to give way to the Galaxy Z Fold and Z Flip. The production capacity that would have been reserved for the Galaxy Note would instead be allocated for making these foldable phones. It might make sense given how there is no Galaxy Note this year, but that also means that it won’t be producing any new Galaxy Note 20 units next year either.

Complicating matters for Galaxy Note fans is Samsung’s 2022 production goals that were leaked recently. According to the unofficial information, Samsung plans on producing 13 million units of combined Galaxy Z Fold and Galaxy Z Flip phones, more than it has for the Galaxy Note line in the past two years. Those plans apparently don’t have space for a Galaxy Note again, suggesting that it will be a no-show next year as well.

Given the ongoing constraints in components, it is understandable that Samsung will consolidate its resources on one or the other smartphone line. For better or for worse, the company is betting on foldables next year, specifically the Galaxy Z Flip 4, as it tries to push the still niche devices into mainstream consciousness. There’s also the expectation that the Galaxy S22 Ultra will practically take the place of the Galaxy Note in everything except the name anyway.

Of course, many Galaxy Note users are displeased with these reports, especially with suggestions that the Galaxy Z Fold is being groomed to replace their favorite stylus-toting phablet. Admittedly, the foldable phone still has ways to go to become a Galaxy Note substitute, especially if the Galaxy Z Fold 4 still won’t have a mechanism for storing the S Pen. In the meantime, however, the Galaxy S22 Ultra could give Galaxy Note fans their fix, checking all the boxes and putting the final nail in the Galaxy Note’s coffin.

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Samsung Galaxy S22: Rumors, leaks and everything we know

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The highly anticipated Samsung Galaxy S22 series is not long away from its release with speculations brewing for early 2022 launch, and rumors of the flagship doing rounds in plenty. The premium phone will come in three variants: the successors to Galaxy S21, Galaxy S21 Plus and Galaxy S21 Ultra respectively.

This line-up will try and retain the charm of the canceled Note series for this year at least. The Galaxy S22 Ultra will be the best device in the line-up, and current rumors and leaks assure the Samsung flagship for 2022 will edge out the competitors by a long way.

Design and display

The design of the Galaxy S22 and the Galaxy S22 Plus will be more or less the same as the predecessor, whereas the Galaxy S22 Ultra will have a boxier Galaxy Note influence courtesy of the squared corners and the S Pen slot. This fact is clear from the leaked renders by reliable leakster Steve Hemmerstoffer (a.k.a. OnLeaks) in partnership with Digit.

Another thing that’s very clear is the refreshing gamut of color options; the Galaxy S22 and Galaxy S22 Plus will come in white, rose gold, green and black colors. The Galaxy S22 Ultra will feature white, black, and dark red colorways.

The camera module on the rear of the Galaxy S22 Ultra will have a P-shaped camera housing split in half. Another backplate picture also suggests the existence of this radical design change. This has gained more substance as the recent real-life leaked images of the S22 Ultra prototype align with whatever is said earlier.

Trusted tipster Ice Universe and Mauri QHD recently tweeted about the screen size of the upcoming flagship. According to them, the Galaxy S22 will adorn a 6.06-inch Full-HD+ flat AMOLED display which will be a bit smaller than the one on Galaxy S21.

The Plus variant will have a 6.55-inch display and Galaxy S22 Ultra might get a slightly bigger 6.81-inch Full HD+ display. The latter is also speculated by Mauri QHD to have an adaptive refresh rate between 1Hz – 120Hz thanks to the LTPO technology. Ice Universe claims the phone will have a brightness level of 1500 nits or even 2,000 nits.

Specification and features

The processing power of the Galaxy S22 lineup will be a hot topic until its release. It will expectedly be powered by the 4nm Snapdragon 898 chipset, which will take graphics and AI to a whole new level. So will it bump up the camera performance and overall user experience with massive processing power. However, according to a leak, many global carriers are requesting Exynos variant of the phone over Snapdragon for a good reason.

The Exynos 2200 with the AMD RDNA 2 architecture-based GPU powering the Galaxy S22 variants will present a good fight. Capabilities comparable to gaming consoles and the Wild Life results leaked by Ice Universe suggest a graphics benchmark of 8,134 and average FPS of 50.3. In fact, the South Korean electronics giant is believed to be testing the AMD graphics-based chip that’ll change the landscape of gaming on mobile devices.

According to Max Weinbach, Samsung could offer both the SoC options for each device in the lineup irrespective of the region, as it did in the past. Either of these SoCs will be mated to 8GB LPDRR5X RAM and 256GB UFS 3.1 storage on the Galaxy S22 and Galaxy S22 Plus. The Galaxy S22 Ultra on the other hand will come with 12GB and 16GB LPDRR5X RAM and 256GB and 512GB UFS 3.1 onboard storage.

Camera prowess

While we had an early rumor of an Olympus partnership, the rumor has been washed away now. As per Ice Universe, the Galaxy S22 Ultra will see some changes in the camera sensors. The main camera lens will be a 108MP (f/1.8) HM3 sensor with an 85-degree field-of-view and laser autofocus.

The ultra-wide (with optical image stabilization) will be the same and the 10MP telephoto lens will have a larger pixel size for improved low-light photography. For the S22 Ultra, the company is working on a super detailed photo mode to match iPhone 13 Pro Max and Pixel 6 Pro.

Galaxy S22 and S22 Plus will have a 50MP primary sensor (probably ISOCELL GN2) with the RGBW unit for better color reproduction. Another rumor points to a 3X telephoto zoom level at 10MP resolution. The Galaxy S22 variant is also tipped to record 8K video at 60 fps, which will be better than the Galaxy S21 Ultra from the last year.

Battery and charging

The batteries on the vanilla Galaxy S22 and the Galaxy S22 Plus might see a downgrade with 3,700mAh and 4,600mAh respectively. Compare that to the equivalent predecessor variants which have 4,000mAh and 4,800mAh capacity batteries. The S22 Ultra will have the same 5,000mAh juicing up its guts though.

A recent listing spotted by SamMobile points to a 4,370mAh battery for the Plus variant and 4,855mAh for the Galaxy S22 Ultra. In either case, buyers seeking a higher battery capacity will have to live without such a change, if the final released Galaxy S22 line-up arrives with the speculated battery capacities.

Rumors in the past by Ice Universe have hinted at the reincarnation of the 65W fast charging for the Galaxy S22. That’s contradicted by a recently leaked listing on China’s tech regulator portal suggesting the 25W charging tech for the phone. If that’s the case, eager buyers will be a bit disappointed, especially seeing other OEMs offering crazy fast charging speeds.

Release date and price

The Samsung Galaxy S22 series is likely to launch in February 2022 but we have to factor in the global chip shortage. In that case, a delay of a few weeks or even months won’t be surprising. A recent rumor by Jon Prosser hints at a February 8, 2022 release for the line-up. The reliable tipster also claims the flagship will be up for pre-order the very same day with the sale going live on February 18.

Last year, the Galaxy S21 lineup saw a drop of a couple of hundred dollars on all the variants. While we don’t expect a further drop in price for the new Galaxy S22, similar pricing (in the best-case scenario) as that of the predecessor is on the cards. That said, a recent rumor could shatter the dreams, it tips a price increase to $849 for the vanilla Galaxy S22 and the Plus variant it suggests a $1,049 tag. The Premium flagship Galaxy S22 Ultra will cost a hefty $1,299 according to the leaked information.

Wrap-up

Usually, leaks by reliable tipsters turn out to be close to the official release specs, we have seen this in the past. So, we can have a fair idea about the upcoming Galaxy S22 series from all that’s around in the tech cloud already. An under-display selfie camera (which won’t have many changes) could be on the cards, while S Pen support for the Galaxy S22 Ultra could be a surprise everyone will relish.

We would wish for a fast-charging device, at least 45W charging support would be great together with better battery management courtesy of the new-age chipsets. So, a lesser battery capacity won’t hurt that much, and we are sure Samsung has got that covered.

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