What happened

Shares of Uxin (UXIN 3.15%), China's largest used car e-commerce platform, jumped on Wednesday. The stock rose as much as 30.4%. As of 10:55 a.m. EST, the stock was up 26%.

The stock's gain follows a press release from the company detailing a successful start to its new marketplace on Alibaba's (BABA -1.14%) online marketplace called Taobao.

Vehicles parked in a parking garage.

Image source: Getty Images.

So what

Uxin facilitated more than 2,000 used-car transactions on the company's new Uxin Taobao Marketplace store during the first 18 hours of Taobao's Double 12 Shopping Festival, the company said in a press release Wednesday. 

The news follows an announcement last week of Uxin's collaboration with the Alibaba subsidiary. A partnership between the two companies would not only bring Uxin's used car sales to the Taobao platform, but it would include posttransaction services, financing options, consumer protection policies, and a collaboration for an improved supply chain.

Now what

Uxin CEO Kun Dai was pleased with the Uxin Taobao Marketplace's early start, calling initial sales "robust." But the CEO is also excited about the important partnership's long-term potential. "This is just the first step in our partnership with Taobao," said Dai in the company's press release on Wednesday. "Going forward, we will continue to integrate and optimize our platform to make buying used cars online even more transparent and convenient."