BEIJING, Sept. 30, 2019 /PRNewswire/ -- 58.com Inc. (NYSE:
WUBA) ("58.com" or the "Company"), China's largest online market place for
classifieds, today announced that it has entered into definitive
agreements to acquire a certain number of shares of Golden Pacer, a leading financial technology
platform in China, by converting
its profit participation right with respect to the financial
services and other finance related business disposed by the
Company in 2017 (the "Disposed Business") to equity stake in
Golden Pacer. Golden Pacer is the ultimate holding company of
the Disposed Business.
In parallel, Golden Pacer entered
into definitive agreements with Uxin Limited ("Uxin"), a leading
national online used car dealer in China, pursuant to which Golden Pacer will acquire the loan facilitation
related business from Uxin and Uxin will receive a certain number
of shares of Golden Pacer as part of
the consideration.
As a result, upon the completion of these transactions, the
Company will hold approximately 32.6% of the share capital of
Golden Pacer on a fully diluted
basis. The transactions contemplated under the definitive
agreements are subject to certain closing conditions, and are
currently expected to close by the end of 2019.
About 58.com Inc.
58.com Inc. (NYSE: WUBA) operates China's largest
online market place for classifieds, as measured by monthly unique
visitors on both its www.58.com website and mobile
applications. The Company's online marketplace enables local
business users and consumer users to connect, share information and
conduct business. 58.com's broad, in-depth and high quality local
information, combined with its easy-to-use website and mobile
applications, has made it a trusted marketplace for consumers.
58.com's strong brand recognition, large and growing user base,
merchant network and massive database of local information create a
powerful network effect. For more information on 58.com, please
visit http://www.58.com.
Safe Harbor Statements
This press release contains forward-looking statements made
under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. 58.com may also
make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Any statements
that are not historical facts, including statements about 58.com's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: 58.com's goals and strategies; its future business
development, financial condition and results of operations; its
ability to retain and grow its user base and network of local
merchants for its online marketplace; the growth of, and trends in,
the markets for its services in China; the demand for and
market acceptance of its brand and services; competition in its
industry in China; its ability to maintain the network
infrastructure necessary to operate its website and mobile
applications; relevant government policies and regulations relating
to the corporate structure, business and industry; and its ability
to protect its users' information and adequately address privacy
concerns. Further information regarding these and other risks,
uncertainties or factors is included in the Company's filings with
the U.S. Securities and Exchange Commission. All information
provided in this press release is current as of the date of the
press release, and 58.com does not undertake any obligation to
update such information, except as required under applicable
law.
For more information, please contact:
58.com Inc.
ir@58.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In the U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
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SOURCE 58.com Inc