Uxin recovers from sell-off after denying brokerage allegations

Uxin

17/04/2019 16:24

** Uxin's shares  UXIN.O  soar ~37% to $2.68 after falling
as much as 54% on Tuesday 
    ** Used car e-commerce co on Wednesday denies allegations in
a report https://www.jcapitalresearch.com/uploads/2/0/0/3/20032477/2019_04_16_uxin.pdf
 published on Tuesday by J Capital Research, which urged co's
shareholders to sell the stock citing various reasons 
    ** China-based co "firmly denies" that it has falsified any
sales data as alleged in the report  urn:newsml:reuters.com:*:nGNX8wRnSk
    ** Co's CEO Kun Dai also confirmed that he had never
voluntarily sold any shares in Uxin, as claimed in the report 
    ** The report triggered a sell-off on Tuesday, sending UXIN
to $1.41, its lowest since its June 2018 debut
    ** UXIN says believes that the allegations in the report are
"completely without merit"
    ** Despite Wednesday's session gains, stock still down ~39%
this year

 (Reporting by Aditi Sebastian)
 ((Email: aditi.sebastian@thomsonreuters.com))