J Capital Research analyst Anne Stevenson-Yang believes Uxin exaggerates the volume of auto sales its processes by as much as 40%. After speaking to dealers, former executives, and salespeople from competing companies, the analyst believes Uxin is "basically a Craigslist of autos," listing cars that are being offered on multiple websites, for free. Further, financial statements for Uxin's operating companies in China "show a staggering level of debt that puts the company at risk of collapse," Stevenson-Yang tells investors in a research note. She admits to not knowing how to ascribe a valuation to the stock since the company "is so dishonest." Investors should "race to the exits," says Stevenson-Yang. Uxin in early trading is up 1c to $3.06.