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58.com Inc. (NYSE: WUBA) ("58.com" or "the Company"), China's largest online classifieds marketplace, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2019 with the Securities and Exchange Commission ("SEC") on April 29, 2020. The annual report can be accessed on the Company's investor relations website at http://ir.58.com as well as the SEC's website at http://www.sec.gov.
58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China's largest online market place for classifieds, today announced that it will release its unaudited financial results for the fourth quarter and full year ended December 31, 2019 before the open of U.S. markets on Thursday, March 12, 2020.
58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China's largest online classifieds marketplace, today announced that its Board of Directors (the "Board") has received a preliminary non-binding proposal letter dated Apr 2, 2020 (the "Proposal Letter") from Ocean Link Partners Limited (the "Proposing Buyer") to acquire all of the outstanding ordinary shares of the Company, including Class A ordinary shares represented by American depositary shares (the "ADSs", each representing two Class A ordinary shares), for US$27.5 in cash per Class A or Class B ordinary share, or US$55.0 in cash per ADS. A copy of the proposal letter is attached hereto as Exhibit A.
58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China's largest online classifieds marketplace, today announced that the special committee (the "Special Committee") of the Company's board of directors (the "Board"), formed to evaluate and consider the previously announced preliminary non-binding acquisition proposal letter dated April 2, 2020 (the "Proposal") or any alternative strategic option that the Company may pursue, has retained Houlihan Lokey (China) Limited as its independent financial advisor and Fenwick & West LLP as its legal counsel to assist it in this process.
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(Bloomberg) -- 58 Home, the maid and home-maintenance service owned by China’s Craigslist equivalent 58.com Inc., has delayed its planned U.S. initial public offering, according to people familiar with the matter, as the coronavirus outbreak cripples customer demand.The company’s pre-IPO financing round -- a private fundraising effort that started late last year -- also hasn’t been completed, said the people, who asked not to be named because the information is private. The IPO had been expected to take place in the first half of the year.Shares of 58.com Inc. fell 4.9% in New York trading, the biggest decline since September.The 58 Home’s move adds to the list of IPO setbacks amid the virus outbreak. Restaurant operator Daikiya Group Holdings Ltd. on Wednesday canceled its first-time share sale in Hong Kong, while Chinese biotech firm InnoCare Pharma Ltd. has postponed investor meetings for its planned listing in the financial hub.Read: Virus Hits World’s No.1 IPO Market as Investor Meetings ScrappedThe virus has killed at least 1,355 people in China as of Thursday. People across the nation have been minimizing personal contact for fear of contracting the disease, hurting 58 Home’s on-demand services including part-time cleaners and home handymen.“Obviously, the virus outbreak has affected home and cleaning services -- that entire sector has almost been brought to a standstill,” 58 Home said in a statement. “Our short-term revenue will be affected.”The firm declined to comment on its IPO and fundraising plans.The company added it is facing a severe shortage of maids, and 30 million people in the home and cleaning-services sectors could lose their jobs if the outbreak continues.Workers StrandedMany workers are still stranded in their hometowns, where they traveled for Lunar New Year celebrations, and haven’t been able to return to major cities after the authorities curtailed travel to try to contain the virus.To ensure the health of maids who work on its platform, 58 Home has been logging their travel history, and offering masks and temperature checks.Locally known as 58 Daojia, the company has been seeking funds to bankroll an expansion into China’s competitive online services arena. It was aiming for a valuation of as much as $2 billion in a U.S. IPO.58 Home is one of China’s leaders in helping people connect online with services from flower delivery to home cleaning. Backed by Tencent Holdings Ltd., it’s vying against deeper-pocketed rivals such as Meituan Dianping and businesses operated by e-commerce leader Alibaba Group Holding Ltd. All are targeting a slice of a market for physical, on-demand services that are being disrupted by online technology.58.com’s unit raised its last private funding round in 2015, garnering $300 million from investors including Alibaba, KKR & Co. and Ping An Group. Parent 58.com holds 68.8% of the company’s equity interest but doesn’t consolidate the unit’s financials in its own results, according to its annual filing.(Updates to add 58.com Inc. share price in third paragraph)To contact the reporters on this story: Lulu Yilun Chen in Hong Kong at ychen447@bloomberg.net;Dong Cao in Beijing at dcao59@bloomberg.netTo contact the editors responsible for this story: Candice Zachariahs at czachariahs2@bloomberg.net, Peter Vercoe, Fion LiFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China's largest online classifieds marketplace, today announced that its Board of Directors (the "Board") has received a preliminary non-binding proposal letter dated April 30, 2020 (the "Proposal Letter") from Warburg Pincus Asia LLC, General Atlantic Singapore Fund Pte. Ltd., Ocean Link Partners Limited, and Mr. Jinbo Yao, Chairman of the Board and Chief Executive Officer of 58.com (collectively, the "Consortium"), with respect to the proposed "going-private" transaction (the "Proposed Transaction") wherein the Consortium proposes to acquire all of the outstanding ordinary shares of the Company, including Class A ordinary shares represented by the American Depositary Shares of the Company (the "ADSs", each representing two Class A ordinary shares) for US$27.50 in cash per ordinary share, or US$55.00 in cash per ADS. A copy of the proposal letter is attached hereto as Exhibit A. The Consortium was formed in furtherance of the proposed transaction initially set forth in the preliminary non-binding proposal letter submitted by Ocean Link Partners Limited to the Company on April 2, 2020, and the Proposal Letter updates the initial proposal letter accordingly. As previously announced, the Board had formed a committee of two independent directors (the "Special Committee") to evaluate the Proposed Transaction, or any alternative strategic option that the Company may pursue. The Special Committee will continue to evaluate the Proposed Transaction in light of the latest development.
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.
Here are 5 stocks added to the Zacks Rank 5 (Strong Sell) List today.
58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China's largest online classifieds marketplace, today reported its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2019.
58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China's largest online classifieds marketplace, today announced changes to its board of directors (the "Board") and appointment of new Chief Strategic Officer.
58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China's largest online classifieds marketplace, today announced that Zhuan Zhuan, an online used goods trading platform and a consolidated subsidiary of 58.com, has entered into definitive agreements to acquire 100% equity interest in Shenzhen Wanshifu Technology Co., Ltd. ("Shenzhen Wanshifu Technology") with a combination of cash in the amount of RMB360 million and newly issued Zhuan Spirit Holdings Limited shares, Zhuan Zhuan's ultimate holding company. Shenzhen Wanshifu Technology operates the Zhaoliangji app (which translates into 'find nice phone'), an online platform for used mobile phones and accessories in China. The transactions contemplated under the definitive agreements are subject to customary closing conditions, and are currently expected to close in the coming months. If the transaction were to close pursuant to the terms in the definitive agreements, the Company's equity interest in Zhuan Spirit Holdings Limited would be diluted from 54.6% to less than 50% on fully diluted basis. 58.com is assessing the accounting impact of the proposed transactions, if closed.
58.com Inc. (NYSE:WUBA), which is in the interactive media and services business, and is based in China, saw...
Q4 2019 58.Com Inc Earnings Call
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.
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, (Reuters) - The fast-spreading coronavirus outbreak around the world has forced a number of startups and private firms to put their plans for an initial public offering on hold. ** Buyout firm Carlyle Group Inc
58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China's largest online classifieds marketplace, today announced that its Board of Directors (the "Board") has formed a special committee (the "Special Committee") consisting of two independent directors, Mr. Robert Frank (Bob) Dodds Jr. and Ms. Lily Li Dong, to evaluate and consider the previously announced preliminary non-binding acquisition proposal letter dated April 2, 2020 (the "Proposal") or any alternative strategic option that the Company may pursue.