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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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Garmin Venu 2 smartwatch is the do-all fitness tracker

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The Garmin Venu 2 smartwatch will cost you approximately $400 – let’s talk about why. The Garmin Venu 2 does everything the original Venu does, but ALSO adds an array of new features. This watch works with GPS (and GLONASS, GALILEO), heart rate monitor, barometric altimeter, compass, gyroscope, accelerometer, thermometer, ambient light sensor, pulse ox blood oxygen saturation monitor, and a battery time of up to 10 days in smartwatch mode. It has a touchscreen, color display, and is able to connect to Android and iOS devices.

In addition to the features included in the original Venu, this device is available in two distinct sizes and multiple colors. This version has “enhanced battery life” with both rapid recharging and a battery saver mode – which for the Venu 2 means it’ll have up to 11 days of up-time, and the 2S rings in at 10 days (both in smartwatch mode).

This series also has new HIIT workouts with on-screen animations, as well as activity profiles for HIIT, hiking, bouldering, and indoor climbing. Venu 2 works with Health Snapshot to record and share health stats, and has a “Fitness age” system.

With the fitness age system, the watch “estimates the body’s age” given activity, resting heart rate, chronological age, and either body fat percentage (if you’ve got a Garmin Index scale) or BMI. The Venu 2 also adds new sleep score and insights with Firtbeat Analytics. Below you’ll see a presentation video from Garmin about this new Garmin Venu 2 series.

The Garmin Venu 2 has a 45mm watch case and a 22mm band. The Garmin Venu 2S has a 40mm watch case and an 18mm band. The bands work with “industry-standard quick release” silicone band connections, and the watch has a stainless steel bezel.

The display is an AMOLED touchscreen panel protected with Corning Gorilla Glass 3. If you’re looking at the Venu 2S, you’ll have a 1.1-inch diameter display with 360 x 360 pixels. The Venu 2 has a 1.3-inch diameter display with 416 x 416 pixels. Both have 5 ATM water ratings, meaning they’re able to withstand pressure equivalent to a depth of 50 meters. That means you’ll be protected against splashes, showers, diving, snorkeling, swimming, and your basic rain and snow.

Both the Garmin Venu 2 and Garmin Venu 2S will cost you approximately $400 USD. These watches were made available for purchase through Garmin (dot com) starting this week.

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iOS 15 features could include Apple’s big notification upgrade

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Apple’s iOS 15 and iPadOS 15, its upcoming major software refreshes for iPhone and iPad, will include a significant rework of how notifications are handled, according to a new report, potentially addressing a growing criticism of alert overload on mobile devices. The two new OSes – one designed for phones, the other for tablets, after Apple opted to cleft development in two – are expected to be previewed at WWDC 2021, the company’s annual developer event in early June.

Notifications and the Lock Screen in general has increasingly become a point of contention for iOS and iPadOS users. In the early days of the iPhone platform, Apple’s treatment of each notification as a separate block made sense; more recently, however, with a dramatic uptick in the number of apps and services wanting to push out their respective alerts to users, the Lock Screen has arguably become unruly and it’s easy to potentially miss a notification.

Apple has finessed the UI over the years, including grouping notifications by app, and there are settings which can control whether software can show a full notification or a more fleeting one. All the same, chatter of a revamp has been around for some time, and it seems iOS 15 and iPadOS 15 will be when it lands.

Users will be able to set different notification preferences, based on their current status, sources tell Bloomberg. That could include whether their iPhone or iPad makes a noise. Unlike the current, fairly blunt “Do Not Disturb” or driving modes – the latter which can automatically activate when the iPhone is in CarPlay mode in a vehicle – there’ll be multiple settings supposedly accessed via a new menu.

For example, users could set that they’re working, sleeping, driving, or a custom category – such as exercising – with a different set of notification preferences for each. That menu will be accessible from the new Lock Screen as well as in the Control Center. Automatic message replies, as are currently supported in driving mode, will also be supported for each status.

For iPadOS 15 specifically, there’ll be new Home Screen options. The widgets that Apple added to iOS 14 last year, which can be intermingled with regular icons on the Home Screen, will be expanded to iPadOS 15 it’s suggested. Currently, iPad widgets are corralled into a separate pane.

Both iOS 15 and iPadOS 15 will also expand Apple’s focus on privacy, the sources say. There’ll be a new menu which lists all of the personal data being collected and shared by apps, in part of an attempt to make more clear what information may be gathered in the background. It follows new rules Apple has applied to developers around disclosing data sharing policies and more.

Finally, there are said to be changes afoot to iMessage, Apple’s messaging platform. Though possibly not arriving in time for WWDC 2021, the updates are believed to be with a mind to making iMessage more of a social network than it is now, though exactly how that would operate is unclear at this stage.

WWDC 2021 kicks off on June 7, and – like last year – will be held entirely online rather than as an in-person event. Registration is open now, and unlike in previous years will be free and uncapped in number to developers.

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AppleCare+ plans can now be extended for longer than 36 months

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Anytime someone buys a new Apple product such as an iPhone, iPad, Apple Watch, or Mac, they often buy the AppleCare+ extended warranty. That warranty covers the devices for all manner of accidental breakage and other issues. Apple recently announced that in Australia, Canada, Germany, Japan, the UK, and the US, owners who originally purchased AppleCare+ can renew their coverage for longer than was previously allowed.

Users are required to purchase their new coverage within 30 days of the date of their original coverage ending. Users who pay monthly or annually for AppleCare+ don’t need to take any action to renew their plans. Plan coverage can be continued beyond 24 or 36 months on a monthly or annual basis until the user cancels the coverage.

Apple does note that users who choose to continue their coverage will be subject to the current AppleCare+ terms and conditions. Buyers in China who purchased 24 months of coverage upfront will be able to continue coverage on an annual basis when their 24-month initial period is over. Those who paid annually will renew annually each year until they cancel.

Users in China can renew within 30 days of the end date of their current coverage. The coverage end date can be found in “settings – general – about” where they can tap the AppleCare+ Coverage Available option and follow instructions to register. Users can follow the “settings – general – about” path and then tap the name of their AppleCare plan to see when their coverage expires.

Coverage can also be verified on the mysupport.apple.com website. Expiration dates are also noted in the Proof of Coverage or Plan Confirmation message sent when the AppleCare+ plan was initially purchased. Apple outlined the steps on its support page with an updated document published on April 20.

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