BEIJING, March 24, 2020
/PRNewswire/ -- 58.com Inc. (NYSE: WUBA) ("58.com" or the
"Company"), China's largest online
classifieds marketplace, today announced that it entered into
definitive agreements with Uxin Limited ("Uxin") (Nasdaq: UXIN), a
leading national online used car dealer in China, to purchase certain assets and
liabilities related to Uxin's B2B online used car auction business
for a total cash consideration of US$105
million. The transactions contemplated under the definitive
agreements are subject to customary closing conditions, and are
currently expected to close by the first half of 2020.
Mr. Michael Jinbo Yao, Chairman
and CEO of 58.com, commented, "The purchase of Uxin's B2B used car
auction platform marks another important step in the roll out of
our new "all in service" strategy. Uxin's auction business directly
complements our used car business. We are already a leading B2C
player in the industry that generates significant consumer traffic
to used car dealers in China. With
the addition of Uxin's B2B auction platform, we can expand the
options we can offer dealers. Once the deal is closed, both teams
will quickly join forces and provide more diversified services and
integrated solutions to our customers and build a more effective
used car trading ecosystem."
About 58.com Inc.
58.com Inc. (NYSE: WUBA) operates China's largest online
classifieds marketplace, 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 outbreak of COVID-19 or other
health epidemics in China or
globally; 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 US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
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SOURCE 58.com Inc