58.com Announces Entry into Definitive Agreements to Convert Profit Participation Right and Acquire Shares of Golden Pacer
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:
Mr. Christian Arnell
In the U.S.
Ms. Linda Bergkamp
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