BEIJING, April 23, 2020
/PRNewswire/ -- 58.com Inc. (NYSE: WUBA) ("58.com" or the
"Company"), China's largest online
classifieds marketplace, today announced that it closed the
transaction whereby it converted its profit participation right
with respect to Golden Pacer into
approximately 40.0% of the share capital of Golden Pacer. Golden
Pacer is a leading financial technology platform in
China, and the ultimate holding
company of the financial services and other finance related
business disposed by the Company in 2017. In September 2019, 58.com entered into definitive
agreements to convert its profit participation right into equity
stake of Golden Pacer and, 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 would acquire the loan facilitation
related business from Uxin and Uxin would receive a certain number
of shares of Golden Pacer as part of
the consideration. Golden Pacer and
Uxin now have entered into supplementary agreements to modify their
transactions in light of the recent changes in the regulatory
environment and the impact of COVID-19 outbreak and the two
abovementioned transactions have been completed.
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