58.com Inc. (NYSE:WUBA)

BEIJING, May 7, 2020 /PRNewswire/ -- 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.

Mr. Michael Jinbo Yao, Chairman and CEO of 58.com, commented, "We believe that the combined horizontal and vertical model provides unparalleled strengths for classifieds marketplaces. We intend to replicate the proven success we had with the combination of 58.com, a horizontal classifieds and Anjuke, an online housing vertical acquired in 2015. We believe Zhuan Zhuan, a horizontal used goods platform, and Zhaoliangji, a used cell phone vertical, will create another powerful combination."

Mr. Wei Huang, the CEO of Zhuan Zhuan, commented, "We'd like to warmly welcome Zhaoliangji's highly experienced and talented team to Zhuan Zhuan. Used cellphones are the third largest category in the second-hand market in China after secondary homes and pre-owned cars. Used cellphones in particular have a very low online penetration rate which creates enormous opportunities for growth. For Zhuan Zhuan, used cellphones have always been the most important category. Zhaoliangji, which launched around the same time Zhuan Zhuan did, has been very successful over the years. The combination will not only solidify our leading position in online used cellphone B2C and C2C models and also better position us to build a larger and more efficient ecosystem that covers more models such as C2B and B2B for used cellphones. Zhaoliangji's team as well as its offline inspection centers will integrate with Zhuan Zhuan's used cellphone team. We look forward to building our ecosystem to scale and creating future success together."

BEIJING, April 20, 2020 /PRNewswire/ -- 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.

The Board cautions the Company's shareholders and others considering trading the Company's securities that no decisions have been made with respect to the Proposal or any alternative strategic option that the Company may pursue. There can be no assurance that any definitive offer will be received, that any definitive agreement will be executed relating to the transaction contemplated by the Proposal or that any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to any transaction, except as required under applicable law.

BEIJING, April 2, 2020 /PRNewswire/ -- 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.

According to the Proposal Letter, the Proposing Buyer intends to fund the consideration payable in the Transaction primarily with equity capital from the Proposing Buyer and any additional members the Proposing Buyer accepts into a consortium of buyers, and possibly debt capital.

The Board plans to evaluate the Proposed Transaction. The Board cautions the Company's shareholders and others considering trading the Company's securities that the Board has just received the proposal letter and has not had an opportunity to carefully review and evaluate the proposal or make any decision with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed relating to the proposed transaction or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

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."

Fourth Quarter 2019 Financial Results

• Total revenues were RMB4,155.5 million (US$595.7 million[1]), a 15.1% increase from RMB3,609.3 million in the same quarter of 2018, exceeding the high end of the Company's guidance of RMB4,150 million.
• Non-GAAP basic and diluted earnings per ADS[5] attributable to ordinary shareholders were RMB32.61 (US$4.67) and RMB32.30 (US$4.63), respectively, representing increases of 537.2% and 537.9% from RMB5.12 and RMB5.06, respectively, in the same quarter of 2018.

"I am pleased to report another quarter of strong financial and operational results to close out 2019 on a solid footing," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. "Despite the challenging macroeconomic environment, we delivered RMB4.16 billion revenue for the quarter, above the high end of our guidance. Revenue for the year reached RMB15.6 billion, a solid 18.6% increase from last year. Traffic for our main app continued to grow steadily and at a faster pace than revenue. We maintained a healthy non-GAAP operating margin of 23.1% for 2019 as we continued to invest in new businesses and technologies to further strengthen the user experiences and solidify our market leading position."

For the first quarter of 2020, 58.com's business has been significantly impacted by the outbreak of COVID-19. As the situation continues to evolve, the Company has limited business visibility brought upon by the high uncertainty. The Company anticipates its total revenues for the first quarter of 2020 to be between RMB2.16 billion and RMB2.26 billion. This represents a year-over-year decrease of approximately 25% to 29% in Renminbi amounts. These estimates reflect the Company's current and preliminary view, which is subject to change.

Third Quarter 2019 Financial Results

• Total revenues were RMB4,258.0 million (US$602.0 million[1]), a 17.4% increase from RMB3,626.8 million in the same quarter of 2018, exceeding the high end of the Company's guidance of RMB4,200 million.
• Non-GAAP basic and diluted earnings per ADS attributable to ordinary shareholders[5]wereRMB6.83(US$0.97)andRMB6.76(US$0.96), respectively, representing 19.4% and 20.2% increases fromRMB5.72andRMB5.63, respectively, in the same quarter of 2018.

"I am pleased to report solid financial and operational results once again, with revenue totaling RMB4.26 billion and exceeding the high end of our previous guidance despite challenging market conditions," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. "On a non-GAAP basis, operating income and net income grew 21.3% and 20.7% year over year, respectively. We continue to solidify and expand our leading market position in all our core categories, especially for primary housing and other local services.  Secondary housing and jobs continue to show substantial resilience despite challenging market conditions. We are confident in our horizontal platform and the diversified product and services it offers. We are also optimistic about the massive market opportunity and tremendous growth potential that China offers and will continue to invest in innovation and user engagement to further enhance our leading market position." 

Business Outlook

Based on the Company's current operations, total revenues for the fourth quarter of 2019 are expected to be between RMB4.05 billion and RMB4.15 billion. This represents a year-over-year increase of 12% to 15% in Renminbi. These estimates reflect the Company's current and preliminary view, which is subject to change.

BEIJING, Sept. 30, 2019 /PRNewswire/ -- 58.com Inc. (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.

BEIJING, Sept. 9, 2019 /PRNewswire/ -- 58.com Inc. (WUBA) ("58.com" or the "Company"), China's largest online marketplace for classifieds, today announced two key management appointments.

Mr. Hao Zhou has been appointed President of International Business. In this newly created key management position, Mr. Zhou will be responsible for the Company's expansion into markets outside of Mainland China. He will oversee strategic market research and planning, talent acquisition, team development, market penetration, and he will also continue to manage investor relations for 58.com.

Concurrent with this appointment, Mr. Zhou will step down from his position as Chief Financial Officer. Mr. Wei Ye, current Deputy Chief Financial Officer of the Company, has been promoted to Chief Financial Officer.

Mr. Zhou has served as Chief Financial Officer since May 2011. Prior to joining 58.com, Mr. Zhou was Chief Financial Officer in CITIC Pharmaceutical Co., Ltd. since September 2010. From May 2009 to September 2010, Mr. Zhou held two senior management positions at Wuxi PharmaTech (Cayman) Inc., including his last position as Chief Financial Officer. From 1998 to 2009, Mr. Zhou held various senior financial management positions at General Electric Company, where he took multiple international assignments, including in the United States, United Kingdom, and Japan. Mr. Zhou served as the senior finance manager for Greater China from 2007 to 2009. Mr. Zhou received his bachelor's degree from Shanghai International Studies University in 1998.

Mr. Wei Ye has served as Deputy Chief Financial Officer since July 2018. Mr. Ye joined 58.com in October 2015 as Senior Vice President of Finance. Prior to joining 58.com, Mr. Ye was a financial controller at Alcoa's (now Arconic) North America extrusion operations in Lafayette and Halethorpe from May 2012 to October 2015. From 1995 to 2012, Mr. Ye worked at General Electric Company where he started his career and held various senior financial management positions in both China and United States in GE's healthcare division. Mr. Ye is a certified public accountant in Illinois and a certified financial risk manager. Mr. Ye holds a B.A. in economics from Peking University and an M.B.A from the University of Chicago Booth School of Business.

Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com, commented, "I'd like to thank Hao for his enormous contribution to 58.com over the past eight years as our first Chief Financial Officer and congratulate him on taking this new and exciting role as our President of International Business. Hao led us through our IPO and a series of critical transactions that shaped 58.com into what it is today. He has been a dedicated and highly respected member of our leadership team since the beginning. With our domestic business growing steadily, we are leveraging our cutting-edge technology and in-depth understanding of the classifieds market to strategically expand our global footprint into key overseas markets. There is no one better fit for this new role than Hao with his pioneering vision and international experience."

Mr. Yao added, "I'd also like to congratulate Wei for his promotion. We brought him in as Senior Vice President in 2015 with a long-term succession plan in mind. Wei's responsibilities have rapidly grown over the past four years and he has been pivotal in transforming our finance teams and creating a corporate culture focused on operational excellence. Wei brings with him vital expertise and stability that will allow us to further drive growth through innovation and improved operational efficiency. I have the upmost confidence in him and look forward to working closely with him in his new position as we look to continue creating value for our customers, shareholders, and employees."

BEIJING, May 28, 2019 /PRNewswire/ -- 58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China's largest online market place for classifieds, today announced that it, together with Warburg Pincus, TPG and certain other investors, entered into definitive agreements with Uxin Limited ("Uxin") (Nasdaq: UXIN), a leading used car e-commerce platform in China, pursuant to which 58.com will purchase convertible notes issued by Uxin for a principal amount of US$100 million (out of a total aggregate amount of US$230 million from all co-investors) through a private placement. The convertible notes will bear interest at a rate of 3.75% per annum from the issuance date and mature in five years thereafter. Each note will be convertible into Class A ordinary shares of Uxin at a conversion price of US$1.03 per share (equal to US$3.09 per ADS), subject to certain adjustments, at the holder's option after a 180-day period.

The transaction is subject to customary closing conditions and is expected to close by June 2019. Upon closing, 58.com will have the right to nominate one director to Uxin's board of directors and will strategically cooperate with Uxin to optimize and strengthen traffic and inventory acquisition, used-car inspections, big data analysis and SaaS development.

Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com, commented "We see enormous growth potential in China's used car market and believe that the volume of used-car transactions will overtake that of new cars in the years ahead. The user experience for selling and buying used cars locally or across regions in China is evolving and improving through continued innovation and investment. 58 Used Car, a leading online used car platform for consumers and businesses that is part of our multi-content category classifieds platform, will benefit from Uxin's tremendous offline transaction-related expertise. Uxin's cross-regional transaction business has been generating strong growth momentum over the last several quarters. We believe this investment will create strong synergies for both companies and help optimize and strengthen traffic and inventory acquisition, used-car inspections, big data analysis and SaaS development. By jointly integrating our online and offline services, we will be ideally positioned to significantly enhance the user experience for purchasing used cars and drive greater efficiency in this growing market."

First Quarter 2019 Financial Results

• Total revenues were RMB3,028.3 million (US$449.7 million[1]), a 22.5% increase from RMB2,471.2 million in the same quarter of 2018, exceeding the high end of the Company's guidance of RMB2,960 million.
• Non-GAAP basic and diluted earnings per ADS[5] attributable to ordinary shareholders were RMB2.94 (US$0.44) and RMB2.90 (US$0.43), respectively, representing 23.0% and 23.3% increases from RMB2.08 and RMB2.05, respectively, in the same quarter of 2018.

Management Comments

"We began the year with solid operational and financial results," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. "Our revenues grew 22.5% during the quarter, exceeding the high end of our previously announced guidance. On a non-GAAP basis, operating income and net income grew 13.0% and 42.6% year over year, respectively, as user traffic to our apps in particular and user engagement continued to gain growth momentum."

"We are not immune to China's softening economy given our exposure to several key local services categories such as jobs, housing and auto. The market opportunity in China however remains massive and heavily underpenetrated given the nation's large population and the enormous growth potential we continue to unlock in our platform by improving the user experience and applying innovative technology. Our core housing and jobs businesses lead the market, while newer businesses like Zhuan Zhuan and 58 Town are growing rapidly. We are confident in our online classifieds marketplace business model and will continue to invest in innovation and marketing to further strengthen our leadership position."

Business Outlook

Based on the Company's current operations, total revenues for the second quarter of 2019 are expected to be between RMB4.0 billion and RMB4.1 billion. This represents a year-over-year increase of 17% to 20% in Renminbi amounts. 

Fourth Quarter 2018 Financial Results

• Total revenues were RMB3,609.3 million (US$525.9 million[1]), a 30.6% increase from RMB2,764.7 million in the same quarter of 2017.
• Non-GAAP basic and diluted earnings per ADS[4] attributable to ordinary shareholders were RMB5.12 (US$0.75) and RMB5.06 (US$0.74), respectively, representing 36.7% and 37.3% increases from RMB3.74 and RMB3.69, respectively, in the same quarter of 2017.

Management Comments

"We are pleased to close 2018 with a strong fourth quarter," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. "Throughout 2018, our portfolio of apps including mainly 58.com, Anjuke, and Zhuan Zhuan generated strong growth and now cover over 500 million users as traffic continues to grow in a healthy and sustainable manner. Revenues for fiscal year 2018 also grew 30.5% when compared to last year despite a softening macroeconomic environment in China."

"Our core housing and jobs businesses continue to lead the market while newer businesses like Zhuan Zhuan and 58 Town have expanded our addressable market, particularly in lower tier cities. While these newer businesses generated larger losses when compared with a year ago, our operating profit continued its rapid growth and operating margins for fiscal year 2018 were roughly the same when compared to last year due to improved operational efficiency in our core business."

"I'm pleased with the progress we have made throughout the year. As a horizontal multi-category platform, we have demonstrated our ability to acquire users at relatively low cost and retain them through innovation and improvement of the user experience. We will continue to invest in our platform to better serve our growing number of users while working to increase operational efficiency."

Business Outlook

Based on the Company's current operations, total revenues for the first quarter of 2019 are expected to be between RMB2.86 billion and RMB2.96 billion. This represents a year-over-year increase of 16% to 20% in Renminbi amounts. These estimates reflect the Company's current and preliminary view, which is subject to change.

First Quarter 2018 Financial Results

• Total revenues were RMB2,471.2 million (US$393.0 million[1]), a 24.3% increase from the same quarter of 2017, exceeding the high end of the Company's guidance of RMB2,390 million.
• Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB1.19 (US$0.19) and RMB1.17 (US$0.19), respectively. One ADS represents two Class A ordinary shares.
• Non-GAAP basic and diluted earnings per ADS[4] attributable to ordinary shareholders were RMB2.08 (US$0.33) and RMB2.05 (US$0.33), respectively.

"We delivered solid financial and operational results during the quarter," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com, "Our job category in particular continues to grow faster than other major categories in terms of revenues and number of paying customers which I believe is a clear indication of its market leading position. Our housing category remains resilient despite low overall transaction volumes in China's housing market. Two of our newest early-stage businesses, Zhuan Zhuan, the C2C used goods transaction platform, and 58 Town, a version of 58 specifically designed for rural areas, both continue to grow rapidly. We continue to launch more features across our platform and are pushing further into lower tier cities to take advantage of growth opportunities there."

Mr. Hao Zhou, Chief Financial Officer of 58.com added, "Revenues during the quarter increased a solid 24.3% year-over-year despite the impact from Chinese New Year falling later than usual. On a sequential basis, revenues decreased due to typical seasonality. Net and operating margin continued to improve significantly year-over-year. At the same time, our total number of employees at the end of this quarter decreased by approximately 7% year-over-year, which demonstrates our ability to leverage technology to increase operational efficiency and create more synergies between our various business segments."

Business Outlook

Based on the Company's current operations, total revenues for the second quarter of 2018 are expected to be between RMB3,100 million and RMB3,200 million. This represents a year-over-year increase of 19.6% to 23.4% in Renminbi amounts. These estimates reflect the Company's current and preliminary view, which is subject to change.

Fourth Quarter 2017 Financial Results

• Total revenues were RMB2,764.7 million (US$423.1 million[1]), a 32.0% increase from the same quarter of 2016, exceeding the high end of the Company's guidance of RMB2,725 million.
• Non-GAAP basic and diluted earnings per ADS attributable to ordinary shareholders in the fourth quarter of 2017 were RMB3.74 (US$0.57) and RMB3.69 (US$0.56), respectively, compared with non-GAAP basic and diluted losses per ADS attributable to ordinary shareholders of RMB0.16 in the same quarter of 2016.

"We finished the year with another quarter of strong financial and operational results," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. "Traffic on our mobile applications continued to grow strongly, largely as a result of our continued focus on product innovation and user experience improvement. Our core categories, such as jobs, secondary housing and rentals, used automobiles, and used goods all continue to create significant opportunities for us driven by their respective industries' rapid growth trajectory. The growth in traffic and revenues is particularly strong in lower tier cities and towns. We will continue to reinvest our increasing cash flow generated from our core businesses into these high-growth and low-penetration businesses and products to maximize the long-term value of our platform." 

Mr. Hao Zhou, Chief Financial Officer of 58.com added, "We continued to see strong growth in revenue, traffic and margins during the quarter. Our revenues exceeded guidance once again. Free cash flow for year 2017 was approximately US$400 million, up 63.3% from 2016. As revenues continue to grow and the margins of our core businesses expand further, we will invest more in technology and areas that will further strengthen our leadership position in our core categories."

Business Outlook

Based on the Company's current operations, total revenues for the first quarter of 2018 are expected to be between RMB2,290 million and RMB2,390 million. This represents a year-over-year increase of 15.2% to 20.2% in Renminbi amounts. These estimates reflect the Company's current and preliminary view, which is subject to change.

Third Quarter 2017 Financial Results

• Total revenues were RMB2,722.5 million (US$410.2 million1), a 33.3% increase from the same quarter of 2016 in Renminbi amounts, exceeding the higher end of the Company's guidance of RMB2,650 million.
• Non-GAAP basic and diluted earnings per ADS attributable to ordinary shareholders in the third quarter of 2017 were RMB3.28 (US$0.49) and RMB3.23 (US$0.49), respectively, compared with RMB0.13 for both the non-GAAP basic and diluted losses per ADS attributable to ordinary shareholders in the same quarter of 2016.

"We have had another great quarter in which revenue again exceeded the high end of our guidance," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. "We continued to drive traffic growth and expand user engagement by deploying new and innovative technologies, particularly on our mobile applications. We are the clear market leader in major categories such as jobs, rental and secondary housing in China in terms of traffic and revenues. We continue to see enormous market opportunities and will invest further to grow our platforms while improving operational efficiency."

Mr. Hao Zhou, Chief Financial Officer of 58.com added, "Our operating and net margins and cash flow all improved significantly when compared to a year ago as we continue to focus on improving operational and marketing efficiencies and develop more synergies from further consolidation of 58 and Ganji."

Business Outlook

Based on the Company's current operations, total revenues for the fourth quarter of 2017 are expected to be between RMB2,625 million and RMB2,725 million. This represents a year-over-year increase of 25.3% to 30.1% in Renminbi amounts. These estimates reflect the Company's current and preliminary view, which is subject to change.

Second Quarter 2017 Financial Results

• Total revenues were RMB2,593.3 million (US$382.8 million1), a 33.3% increase from the same quarter of 2016 in Renminbi amounts, exceeding the higher end of the Company's guidance of RMB2,350 million.
• Non-GAAP basic and diluted earnings per ADS4 attributable to ordinary shareholders were RMB4.55 (US$0.67) and RMB4.50 (US$0.66), respectively.

"We are excited to report that revenues significantly exceeded the higher end of our guidance during the quarter," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. "Among all our categories, jobs continued to deliver the fastest year-over-year growth and increasingly accounts for a larger proportion of total revenues. While the housing market in tier one and two cities remains relatively soft, revenues from our housing category continue to show resilience by performing better than expected. We are making solid progress in developing new and innovative products across various categories. Our mobile app traffic continues to grow rapidly and is accounting for a larger portion of our total traffic."

Mr. Hao Zhou, Chief Financial Officer of 58.com added, "We continued to see strong growth in revenue, traffic and margins during the quarter. We also recorded our highest ever quarterly operating margin, net margin and cash flow. This is directly attributable to our continuing focus on improving operational and marketing efficiencies. We continue to create new synergies as Ganji is further integrated and expect to see further opportunities to improve efficiency emerge as these synergies take hold."

Business Outlook

Based on the Company's current operations, total revenues for the third quarter of 2017 are expected to be between RMB2,550 million and RMB2,650 million. This represents a year-over-year increase of 24.8% to 29.7% in Renminbi amounts. These estimates reflect the Company's current and preliminary view, which is subject to change.

BEIJING, June 16, 2017 /PRNewswire/ -- 58.com Inc. (WUBA) ("58.com"), China's largest online marketplace serving local merchants and consumers, today announced that Guazi.com Inc. ("Guazi"), the Company's minority-owned entity that operates a consumer-to-consumer (C2C) used car trading platform, announced over US$400 million in Series B financing.
Participants in the Series B financing included existing shareholders Sequoia Capital China, Matrix Partners China, BRV Aster Fund, and Hike Capital as well as new investors such as H Capital, New Trend Equity Investment Fund Partnership, Beijing Jingxi Guigu Innovation Investment, and Dragoneer Investment Group among others.

Guazi is a C2C used car trading platform which directly links individual car sellers and buyers in China's rapidly growing used car market.

Third Quarter 2016 Financial Results

• Total revenues were US$306.5 million, a 43.9% increase from the same quarter last year, in line with the Company's guidance of US$304.0 million to US$311.0 million.
• Basic and diluted losses per ADS attributable to ordinary shareholders were US$0.208. One ADS represents two Class A ordinary shares.

Management Comments

"I am pleased to report another quarter of strong results as our key operational metrics, traffic, revenues, and customer numbers all continued to grow on a year-over-year basis," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. "We also continued to generate an operating profit and positive cash flow. Ganji's integration continued to progress well as we gradually realized more synergies. Innovative products, such as our used-goods application Zhuanzhuan and our merchant-end recruitment application Zhaocaimao, continued to grow.While not consolidated into our financials, our invested companies such as 58 Home and Guazi, continued to strengthen their market-leading positions. I am pleased to see our business growing and operational efficiency increasing despite a slowing macro-economic environment in China, which I believe demonstrate the value that our products provide to users."

Mr. Hao Zhou, Chief Financial Officer of 58.com added, "Total revenues and paying membership accounts continued to hit new record highs during the quarter. Operating profit declined sequentially as a result of a planned branding campaign for Zhuanzhuan, our used-goods application, in July 2016, which has already yielded substantial results. Operating cash flow increased 56.6% sequentially to US$80.5 million. Now that Ganji is fully integrated, we have greater control over our expenses. We expect our operating and net margins to improve next year."

BEIJING, Sept. 28, 2016 /PRNewswire/ -- 58.com Inc. (NYSE: WUBA) ("58.com"), China's largest online marketplace serving local merchants and consumers, today announced that Guazi.com Inc. ("Guazi"), the Company's minority-owned market-leading consumer-to-consumer (C2C) used car trading platform, recently closed another round of equity financing from Matrix Partners China and Blue Run Ventures. Following the closing, 58.com holds a 34% stake in Guazi on a fully diluted basis.

Guazi is a rapidly growing, market-leading C2C used car trading platform which directly links individual car sellers and buyers. Guazi expects used car transaction volumes to grow rapidly and is expanding into transactional services. Guazi plans to invest in enhancing its brand image, upgrading its technology and strengthening its used car and auto-industry partner network. With a strong focus on technology and efficient management of its sales channels, Guazi offers an exceptional customer experience that helps create the industry standard.

Mr. Michael Jinbo Yao, Chairman and CEO of 58.com commented, "This new round of financing will allow Guazi to solidify its market leading position, strengthen its used car network and increase its topline growth. 58.com is committed to finding new and creative ways to support Guazi as it expands its innovative online used car business and develops new business models."

NEW YORK, July 2, 2016 /PRNewswire/ -- Zhuanzhuan, a professional pre-owned products trading platform launched by renowned Chinese Internet company 58.com Inc. (WUBA), recently wrote a letter to Apple CEO Tim Cook, saying that the company is able and willing to work with Apple to recycle and sell secondhand iPhones.

Secondhand iPhones are one of the nettlesome issues on Tim Cook's mind. In May, 2016, Tim Cook talked about Apple's future plans for India when he met Indian Prime Minister Narendra Modi, but his plan for the sale of pre-owned iPhones in the Indian market was again rejected by the Indian government. 

Zhuanzhuan published a letter in the Wall Street Journal on July 1, 2016, stating that while India refused to provide assistance, Zhuanzhuan is willing and in the position to do so, and expressed the hope that it can join hands with Apple for this great cause. The core content of this letter has also been posted on one of the large billboards overlooking New York's Time Square.

Pre-owned cellphones contribute in a large way to global pollution and waste. According to the available statistics announced earlier by the United Nations, the world's electronic refuse is expected to grow to 65 million tons by 2017, with mobile devices, especially smartphones, projected to account for a large proportion. The letter, citing data from the UN, said that in 2015 alone, in China, 400 million mobile phones were thrown away by their owners, 40 million of which were iPhones.

In fact, smartphones usually have a designated lifetime of several years. However, given the frequent launch of new models by vendors, a large number of smartphones are quickly discarded despite still being in good condition, and replaced with new ones after being used for, in most cases, less than a year. It would certainly be an efficient way to relieve the high level of pressure arising from this wasting of resources if these pre-owned smartphones could be properly recycled and processed so that they could be given a second life with a new owner.

Yet, this is a big challenge. Tim Cook earlier explained that Apple has a number of new innovative environment programs in place, including two round-the-clock programs which operate worldwide: Apple Renew and Liam. Nevertheless, the effectiveness of these programs is quite limited considering the dramatic growth in Apple's annual production capacity of smartphones. Only 10 per cent of Chinese smartphone users said that they would send their discarded phones back to the corresponding vendor, according to the letter.

Zhuanzhuan is a Chinese professional pre-owned goods trading platform aiming to create and continuously enhance the environment for the trading of pre-owned goods in China, with an emphasis on pre-owned iPhones. To this end, Zhuanzhuan has built an outstanding quality control team which can match that of Apple, and launched China's first 30-day warranty service for the pre-owned cellphone market.

Zhuanzhuan claimed in the letter that it can quickly reach over 300 million Chinese consumers by virtue of the support and resources of its parent 58.com Inc., a Chinese classified advertising site often referred to as the "Craigslist of China" and listed on the New York Stock Exchange in 2013.

BEIJING, June 23, 2016 /PRNewswire/ -- 58.com Inc. (WUBA) (collectively with its subsidiaries and other consolidated entities, "58.com"), China's largest online marketplace serving local merchants and consumers, today announced that it has completed a swap of its shares in Mighty Talent Limited ("Mayi"), a China-based short-term and vacation rental platform that was owned by Ganji, with Tujia.com International ("Tujia"), a high-quality vacation rental reservation platform that provides online search, inquiry and booking services of rental properties in China. As a result, 58.com has divested all its 65.7% stake in Mayi in exchange for a minority stake in Tujia.

In addition to the share swap, 58.com will acquire additional Tujia shares by investing online traffic resources, as well as US$10 million in cash and a US$2 million bridge loan for Mayi. Following the transactions, 58.com, together with Tujia's existing strategic shareholders, Ctrip (CTRP) and Homeaway, a subsidiary of Expedia Inc. (EXPE), will continue to support both Mayi and Tujia. 58.com's traffic and other resources support will reinforce Tujia's and Mayi's leading position in the online accommodation sharing market.

Mr. Michael Jinbo Yao, chairman and CEO of 58.com commented, "The sharing economy in China has become one of the fastest growing market segments. Mayi's focus on consumer-to-consumer short-term rentals in tier 1 and 2 Chinese cities highly complements Tujia's strength in tourist-destination cities. Both Tujia and Mayi have been exploring and developing new opportunities in this segment for many years and we look forward to working on business integration to increase their size and scale and improve operating efficiency and financial performance. We will continue to actively look for new innovative business models in the sharing economy to deepen our strategic reach in this segment. We believe Tujia and Mayi, together, will begin a new era in the accommodation sharing market in China."

 First Quarter 2016 Financial Results

• Total revenues were US$231.3 million, a 165.6% increase from the same quarter last year; exceeding guidance of US$215 million to US$223 million.
• Non-GAAP basic and diluted losses per ADS attributable to ordinary shareholders3 in the first quarter of 2016 were US$0.36, compared with basic and diluted losses per ADS attributable to ordinary shareholders of US$0.54 during the same quarter of 2015.

"We are pleased to report strong first quarter 2016 results," commented Michael Yao, Chairman and Chief Executive Officer of 58.com. "The integration with Ganji is progressing smoothly and we are working to realize more synergies. We saw encouraging traffic and revenue growth following the Chinese New Year holiday. Despite the slowdown in China's economy, we believe there is still a lot of room to convert merchants and users of local services from offline to online, especially with the help of mobile technology. We are particularly excited about our growth prospects as we continue to strengthen our online platforms."

Mr. Hao Zhou, Chief Financial Officer of 58.com added, "Our topline was seasonally impacted by Chinese New Years; a period in which we also typically spend heavily on advertising as people return from the holidays and refocus on their business. However, compared with the first quarter of 2015, revenues and subscription-based paying membership accounts continued to grow rapidly, operating and net margins improved and operating cash flow turned positive."

Business Outlook

Based on the Company's current operations, total revenues for the second quarter of 2016 are expected to be between RMB1,930 million and RMB1,980 million, or US$296 million and US$303 million assuming an exchange rate of RMB6.53 to US$1.00, the average exchange rate in May 2016. This represents a year-over-year increase of 98% to 103% in RMB. These estimates reflect the Company's current and preliminary view, which is subject to change.

BEIJING, March 29, 2016 /PRNewswire/ -- 58.com Inc. (WUBA) (collectively with its subsidiaries and other consolidated entities, "58.com"), China's largest online marketplace serving local merchants and consumers, today announced that Guazi.com Inc. ("Guazi"), the Company's minority-owned market-leading consumer-to-consumer (C2C) used car trading platform, has closed a new US$204.5 million round of equity financing with participation from a number of globally recognized institutional investors.

Founded in 2014, Guazi is a rapidly growing, leading C2C used car trading platform which directly links individual car sellers and buyers. Guazi has greatly improved its market penetration, strengthened its used car network and developed relationships with auto-industry partners.

Mr. Michael Jinbo Yao, chairman and CEO of 58.com commented, "I'm pleased to see Guazi receive such a strong vote of confidence in its future from global sector-focused investors. I believe this demonstrates the soundness of our strategy and validates the significant growth opportunities that we see in China's rapidly transforming used car market. By leveraging its highly experienced management team and 58.com's continuous traffic resources and support, Guazi is well positioned to offer a better and higher quality used car trading service."

Fourth Quarter 2015 Financial Results

• Total revenues were US$255.3 million, a 218.3% increase from the same quarter last year; exceeding guidance of US$240 million to US$245 million.
• Non-GAAP basic and diluted losses per ADS attributable to ordinary shareholders in the fourth quarter of 2015 were US$0.35, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of US$0.06 during the same quarter of 2014.

Management Comments

"We are pleased to have finished the year with a strong fourth quarter in which we beat our topline guidance," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. "Twelve months ago we only had the 58.com platform, but have since strengthened and consolidated our platform to include Ganji, Anjuke and China HR. These platforms have together generated increased traffic, merchants and revenues and have further strengthened the competitive positions of our core content categories such as jobs, housing, auto and local services. We are now focusing on nurturing further innovation, enhancing the user experience and increasing operational efficiency. 58 Home continues to grow very rapidly and its operational efficiency is improving. We successfully spun off the consumer-to-consumer ("C2C") used car platform Guazi during the quarter and it is off to a fantastic start under Mark Yang's visionary leadership."

Mr. Hao Zhou, Chief Financial Officer of 58.com added, "Total revenues and paying customer numbers continued to reach new records during the fourth quarter. Non-GAAP operating loss was reduced to US$50.9 million from US$69.9 in the third quarter. While 58 Home and Guazi continued to generate losses as they are still in the early stages of expansion, our core listings business already turned profitable. Operating cash flow became positive in the fourth quarter. Our net loss for the quarter was impacted by gains associated with the Guazi spin-off, which was a one off transaction."

Business Outlook

Based on the Company's current operations, total revenues for the first quarter of 2016 are expected to be between RMB1,400 million and RMB1,450 million, or US$215 million to US$223 million assuming RMB6.50 to US$1.00 exchange rate. This represents a year-over-year increase of 162% to 171%. These estimates reflect the Company's current and preliminary view, which is subject to change.

BEIJING, Dec. 11, 2015 /PRNewswire/ -- 58.com Inc. (NYSE: WUBA) ("58.com"), China's largest online marketplace serving local merchants and consumers, today announced that it issued 4,267,344 Class A ordinary shares at a price of US$62.0 per ADS (one ADS represents two Class A ordinary shares) to an existing shareholder in exchange for the cancellation of US$125 million principal amount of a loan from such shareholder previously announced on August 3, 2015, together with accrued but unpaid interest on the principal amount of US$400 million as of December 11, 2015. After the cancellation, US$275 million principal amount remains outstanding under this loan with expiration date extended to 2016. 

• Total revenues were US$212.9 million, a 195.9% increase from the same quarter last year; exceeding guidance of US$195.0 to US$200.0 million.
• Basic and diluted losses per ADS attributable to ordinary shareholders in the third quarter of 2015 were US$1.59, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of US$0.07 during the same quarter of 2014.

"We are pleased to report strong third quarter results with our topline growing faster than expected," commented Mr. Michael Yao, Co-chairman and Chief Executive Officer of 58.com. "Our core classifieds business continued to grow rapidly as it acquired more traffic and merchants and increased in size and scale. Since our acquisition in March 2015, Anjuke's traffic and topline growth accelerated, validating our vision and demonstrating our ability to efficiently integrate and grow other platforms within our ecosystem. 58 Home recently closed US$300 million fund raising from Alibaba, KKR and PingAn and is now in a better position to take advantage of the massive market opportunities that are emerging. Last week we announced the spin-off of our consumer-to-consumer used car platform Guazi, which is off to a great start with Mark Yang and his management team. Finally, we will continue to deepen the integration of Ganji as we work to provide our users with a superior experience."

Mr. Hao Zhou, Chief Financial Officer of 58.com added, "Our total revenues exceeded the high end of our guidance again this quarter as our paying merchant members and online marketing services set new operational records. Net income for the quarter was impacted by one-off non-cash transactions such as a write-down associated with our investment in Ganji and share based compensation expenses related to Ganji prior to the August 2015 transaction. Most of our operating losses are related to new business initiatives such as 58 Home and Guazi. Our core classifieds businesses, which includes Anjuke, however, incurred very minor losses during the third quarter of 2015. The integration of Ganji is progressing well and we are optimistic that profitability for our core classifieds business will improve over the next few quarters."

Business Outlook

Based on the Company's current operations, total revenues for the fourth quarter of 2015 are expected to be between US$240 million and US$245million, representing a year-over-year increase of 199% to 205%. These estimates reflect the Company's current and preliminary view, which is subject to change.

• Total revenues were US$159.5 million, a 147.1% increase from the same quarter last year; exceeding guidance of US$145.0 to US$150.0 million.

• Non-GAAP basic and diluted losses per ADS[2] attributable to ordinary shareholders were US$0.19 vs. last years same quarter of US$0.19.

"We are pleased to report our second quarter results, which came in ahead of our expectations," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. "Over the past half year, we have made a number of assertive moves as we execute on our mission of becoming the leading local services platform for consumers in China. Our efforts continue to pay-off, and the acceleration of our top-line performance speaks to both the value that consumers are seeing in our multi-brand platform across all major verticals, and the progress we have been making in integrating the different businesses that we have been acquiring. Our large and rapidly growing customer base still only accounts for a small fraction of the tens of millions of small and medium-sized local businesses in China, so we expect the impact of the Chinese macro economy on our business to be minor. Looking forward, we will strive to realize the synergies between 58 and Ganji and continue to invest heavily in innovation as we look to explore new business models and expand the ecosystem around local services in China."

Mr. Hao Zhou, Chief Financial Officer of 58.com added, " Our total revenues exceeded the high end of our guidance again this quarter and our operating indicators are also setting new records. The outperformance was mainly due to strong organic growth, along with the investments we made in Anjuke, Ganji, and several other businesses over the past few quarters. We are optimistic that profitability for our core classified business will recover as we continue to make progress integrating our new acquisitions. However, we are prioritizing market share expansion in some new mobile-based, close loop, local services models such as 58 Home and used auto C2C."

Business Outlook

Based on the Company's current operations, total revenues for the third quarter of 2015 are expected to be between US$195.0 million and US$200.0 million, representing a year-over-year increase of 171% to 178%. This includes Ganji's revenues beginning August 6, 2015 through September 30, 2015. These estimates reflect the Company's current and preliminary view, which is subject to change.

BEIJING, Aug 7, 2015 /PRNewswire/ -- 58.com Inc. (WUBA) ("58.com"), China's largest online marketplace serving local merchants and consumers, today announced that it, as a limited partner, has recently contributed an aggregate of approximately 46.5 million newly issued ordinary shares and approximately US$272.4 million in cash to several private equity funds that are dedicated to investing in businesses in China. These funds are managed by investment entities unaffiliated with each other and unaffiliated with 58.com.

Separately, as previously announced, 58.com acquired a strategic stake in Falcon View Technology, the holding company of the PRC entities operating Ganji.com, in April 2015. 58.com is aware that a group of investors, including these funds, have acquired all the remaining stake in Falcon View Technology recently.    

BEIJING, Aug. 3, 2015 /PRNewswire/ -- 58.com Inc. (WUBA) ("58.com"), China's largest online marketplace serving local merchants and consumers, today announced that it recently obtained a short-term, interest-bearing loan of US$400 million from an existing shareholder of the Company. 58.com intends to use the proceeds from the loan for general corporate purposes.

First Quarter 2015 Financial Results

• Total revenues were US$87.1 million, an 80.5% increase from the same period last year; exceeding guidance of US$82.0 to US$84.0 million.
• Non-GAAP basic and diluted losses per ADS attributable to ordinary shareholders were US$0.54.

Management Comments

"We started off the year strongly with our total revenues exceeding the upper end of our guidance," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. "Our financial and operational numbers were very strong in the first quarter. We continue to see listings, paying customers, revenue, total traffic and mobile traffic as a percentage of total traffic increase strongly in our core classifieds business. We believe our investment in Ganji will enable us to gradually increase profitability further in the classifieds business. We will continue to invest heavily in innovative mobile-based, closed-loop local online-to-offline ("O2O") services, such as 58 Home, which continues to gain popularity."

Mr. Hao Zhou, Chief Financial Officer of 58.com added, "Our total revenues exceeded the high end of our guidance again this quarter. The first quarter is typically a period when we spend heavily on advertising as people return from the Chinese New Year holidays and refocus on their business. We are currently increasing our sales and services head count, as there is still significant room for us to grow our customer base and revenue. Online marketing services revenues increased at a triple-digit pace as it continues to outpace growth in membership revenues, demonstrating the success we are having in upselling online marketing services to our members."

Business Outlook

Based on the Company's current operations, total revenues for the second quarter of 2015 are expected to be between US$145.0 million and US$150.0 million, representing a year-over-year increase of 124.6% to 132.3%. These estimates reflect the Company's current and preliminary view, which is subject to change.

BEIJING, April 17, 2015 /PRNewswire/ -- 58.com Inc. (NYSE: WUBA) ("58.com" or "the Company") today announced that it has acquired a strategic stake in Falcon View Technology Limited ("Ganji"), the holding company of the PRC entities operating Ganji.com, a major online local services marketplace platform in China. Concurrently, 58.com also announced an approximately US$400 million additional investment by Tencent Holdings Limited ("Tencent"), a leading provider of internet services in China.

Under the terms of the definitive agreement with shareholders of Ganji ("the 58.com-Ganji Strategic Transaction"), and as part of an intended long-term, strategic combination transaction, 58.com has agreed to acquire an approximately 43.2% fully diluted equity stake in Ganji for a combination of share consideration and cash, including approximately 34 million newly issued ordinary shares of the Company (one American Depositary Share, or "ADS", represents two class A ordinary shares) and US$412.2 million in cash. The two companies, which will continue to operate their respective brands, websites and teams, intend to maximize business synergies created by this new strategic relationship, and capitalize on opportunities to cooperate and further expand their businesses.

Founded in Beijing in 2005, Ganji.com has become one of China's leading online local services marketplaces. Every month, hundreds of millions of users come to Ganji.com to access a wide range of location-based services from millions of active merchants, in areas such as jobs, housing, second hand products and local services information.

Concurrent with the 58.com-Ganji Strategic Transaction and incremental to its existing share ownership in 58.com, Tencent has signed a definitive share purchase agreement with 58.com to purchase an additional approximately US$400 million of newly issued ordinary shares from 58.com at a purchase price equivalent to US$52 per ADS (the "Tencent Investment"). Following the completion of this additional investment by Tencent, Tencent will hold in aggregate approximately 25.1% of the total issued and outstanding shares of 58.com on a fully-diluted basis.

Both the 58.com-Ganji Strategic Transaction and the Tencent Investment are expected to close within a few days, subject to customary closing conditions. 

Mr. Michael Jinbo Yao, Chairman and CEO of 58.com, commented, "We are pleased to make this large-scale strategic investment in Ganji.com to jointly realize major cost, revenue, and strategic business synergies. This transaction is part of our larger plan to execute our vision of integrating our respective businesses and creating a larger and more effective local services internet platform to help consumers around China find the services that they need in their local area.  Ganji.com has done a tremendous job building a talented team, and we look forward to working more closely with them as we continue to expand in this growing and underserved market."

Mr. Mark Haoyong Yang, Chairman and CEO of Ganji.com, added, "After extensive discussions, we are pleased to reach this strategic agreement with 58.com.  Both Ganji and 58.com are leading players in the online classified market and have developed unique capabilities in O2O.  Personally and on behalf of Ganji, I look forward to taking advantage of the great chemistry between Ganji and 58.com, and leveraging our respective resources and advantages. We have seen and continue to see the mobile internet enabling a transformative opportunity in the classified industry and across O2O categories.  Ganji has been built on the DNA of mobile connectivity.  Together with 58.com, we will continue to build a leading platform offering our customers the best experience and localized service."   

WUBA ($65.25, down ~3% pre-market)- According to the Chinese news, in a note published on 04/15/2015, Morgan Stanley maintained its “underweight” rating for WUBA. The firm stated two concerns for the rumored merger between WUBA and its competitor, Ganji.com:

• If the merger happens, CEOs of both companies will become Co-CEOs of the merged company, which is not going to be sustainable in the long term, as one side eventually has to be the dominant of the two.

• The merger could give the Chinese government cause for concern regarding monopoly/anti-trust issues.

In addition, whether the merger will go through partly depends on the attitude of Ganji.com’s CEO, Haoyong Yang, whose buy-in is considered key for this deal.

Fourth Quarter 2014 Financial Results

• Total revenues were US$80.2 million, a 77.2% increase from the same period last year; exceeding guidance of US$74.5 to US$77.0 million.
• Non-GAAP basic and diluted earnings per ADS attributable to ordinary shareholders in the fourth quarter of 2014 were US$0.06, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of US$0.15 and US$0.14, respectively during the same quarter of 2013.

Management Comments

"I am pleased to report another strong quarter as we successfully closed out our first full year as a public company," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. "Mobile traffic continued to grow at a much faster pace than PC traffic, with 66% of our traffic coming from our mobile platforms. We continued to roll out 58 Home, our innovative mobile-based, closed loop services app, into more cities and categories. We also extended the reach of our content and services through our partner's platforms including Tencent's Mobile QQ. The acquisition of Anjuke provides further support to our housing category which will allow us to generate new growth drivers by expanding into primary real estate services. Looking forward, we will continue to invest aggressively in R&D and marketing to extend our lead in China's local services market."

Mr. Hao Zhou, Chief Financial Officer of 58.com added, "Revenues exceeded the high end of our guidance during each quarter in the year 2014. The number of subscription-based paying merchant members during the fourth quarter of 2014 exceeded the 600,000 milestone. Our online marketing services revenues also surpassed membership revenues for the first time, demonstrating the willingness of our large SME customer base to pay for increased traffic to our platform."

Business Outlook

Based on the Company's current operations, total revenues for the first quarter of 2015 are expected to be between US$82.0 million and US$84.0 million, representing a year-over-year increase of 70.0% to 74.1%. These estimates reflect the Company's current and preliminary view, which is subject to change.

BEIJING, March 1, 2015 /PRNewswire/ -- 58.com Inc. (WUBA) ("58.com") today announced that it has acquired Anjuke, a major online real estate listing platform in China. 58.com paid approximately US$ 267,010,000, including approximately 5,087,585 new ordinary shares of 58.com (one ADS represents two class A ordinary shares) and $160,170,715 in cash for a 100% equity stake.

Founded in Shanghai in 2007, Anjuke provides potential home buyers and renters an efficient and user-friendly experience to search for primary and secondary real estate. It also enables developers and real estate agents to effectively market their properties online. Following the acquisition, Anjuke will continue to operate its website and mobile app under the Anjuke brand.  

Mr. Michael Jinbo Yao, Chairman and CEO of 58.com, commented, "There is still very robust demand for real estate in China and the opportunity for the best online real estate platform remains massive. This transaction allows us to create China's largest secondary and rental real estate platform by combining 58.com's housing content category with Anjuke's platform. Our housing category has been one of 58.com's fastest growing businesses and this acquisition allows us to generate new growth drivers by expanding into primary real estate services, which we previously did not cover. Anjuke has a highly recognizable brand and an incredibly talented team. We will continue to aggressively invest in our business as we seek to extend our leadership in the market. "

Mr. Mike Weiping Liang, Chairman and CEO of Anjuke, added, "We are pleased to join 58.com since it will immediately allow Anjuke to access a large platform with significant traffic, financial resources, nationwide presence and strong marketing capabilities. I feel both companies share very similar DNA in how we focus on generating growth, attracting the best talent and creating the best user experience. Both businesses also have complementary user and customer demographics and geographic coverage. Anjuke looks forward to leveraging 58.com's resources to explore new opportunities across China's real estate market." 

• Total revenues were US$72.0 million, a 72.9% increase from the same period last year; exceeding guidance of US$66.0 million to US$68.0 million.
• Non-GAAP basic and diluted earnings per ADS attributable to ordinary shareholders in the third quarter of 2014 were US$0.09, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of US$0.15 and US$0.13, respectively during the same quarter of 2013.

"I am pleased to report a stronger than expected performance across the board as our business continues to gain momentum," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. "Growth in overall traffic continued, reaching record high levels for the second consecutive quarter. Mobile traffic continued to grow at a much faster pace than PC traffic, with 60% of traffic coming from our mobile platforms. '58 to home' - our innovative mobile-based, closed-loop services app has received very positive feedback following its launch earlier this year. We are confident that this app and its enhanced services will strengthen our position as China's leading player in the local services market. Looking forward, we will continue to invest as we develop new innovative services and build them to scale to extend our lead."

Mr. Hao Zhou, Chief Financial Officer of 58.com added, "Revenues exceeded the high end of our guidance for the fourth consecutive quarter since our IPO. The number of subscription-based paying merchant members during the second quarter of 2014 exceeded 560,000 for the first time. With this representing only a small fraction of the SME merchant population in China, we will continue to expand rapidly. We will continue to invest in innovating, sales and marketing. Eventually, a bigger platform and a better eco-system will help to secure our long term sustainable growth."

Business Outlook

Based on the Company's current operations, total revenues for the fourth quarter of 2014 are expected to be between US$74.5 million and US$77.0 million, representing a year-over-year increase of 65% to 70%. These estimates reflect the Company's current and preliminary view, which is subject to change.

BEIJING, Oct. 31, 2014 /PRNewswire/ -- 58.com Inc. (WUBA) ("58.com"), China's largest online marketplace serving local merchants and consumers, today announced the appointment of Mr. Frank Lin as the chairman of the nominating and corporate governance committee and the resignation of Mr. Jinbo Yao from his post as a member of the nominating and corporate governance committee.

The Board reviewed the independence of all the members of the Board, and determined and confirmed that each of Mr. Wensheng Cai, Mr. Dong Yang, Mr. Julian Cheng and Mr. Frank Lin, the existing members of the Board, satisfied the "independence" requirements of Section 303A of the Corporate Governance Rules of the New York Stock Exchange and the "independence" standards under Rule 10A-3 under the Securities Exchange Act of 1934. With this determination, WUBA's Board has a majority of independent directors.  

The Board appointed Mr. Frank Lin as the chairman of the nominating and corporate governance committee.  Mr. Jinbo Yao, chairman of the Board and chief executive officer of the Company, has resigned as the chairman and a member of the nominating and corporate governance committee, but will continue to serve as the chairman of the Board. With these changes, each of WUBA's audit committee, compensation committee and nominating and corporate governance committee comprises of independent directors entirely.

These changes to the Board and committee composition were made to comply with certain independent director requirements of Section 303A of the Corporate Governance Rules of the New York Stock Exchange.  The compliance date of such requirements is October 31, 2014, the first year anniversary of the Company's listing date.

BEIJING, Oct. 17, 2014 /PRNewswire/ -- 58.com Inc. (WUBA) ("58.com" or the "Company"), China's largest online marketplace serving local merchants and consumers, today announced that it has entered into a definitive agreement to invest US$20 million for a minority equity stake in Edaijia, Inc. Edaijia, which in English means "E-designated driver," is a leading platform for mobile-based designated driver services in China. The closing of this transaction is subject to customary closing conditions. This transaction is expected to close in late October 2014.

"Innovations in the mobile Internet are reshaping local services, and Edaijia is a great example," commented Michael Yao, Chairman and CEO of 58.com, "Edaijia has fundamentally improved user experience when it comes to local services by building a powerful mobile platform that benefits both consumers and drivers."

Mr. Yao continued, "We believe our investment in Edaijia will be a win-win for both companies. Edaijia is a market leader and has a great team with a solid track record. We plan to help them generate higher traffic from our site, a recognized brand, and share our management experience to help accelerate the growth of Edaijia. We expect the integration of Edaijia's service onto 58.com's platform will also enrich the experience for our own users. Through organic business innovations and investment opportunities such as Edaijia, we hope to build a larger local services ecosystem with a goal of continually bringing more value to our users."

58.com Inc.

REPRESENTING 12,000,000 CLASS A ORDINARY SHARES

58.com Inc. is offering 2,000,000 American Depositary Shares, or ADSs, and the selling shareholders named in this prospectus are offering an aggregate of 4,000,000 ADSs. Each ADS represents two Class A ordinary shares, par value $0.00001 per share. We will not receive any proceeds from the ADSs sold by the selling shareholders.

Our ADSs are listed on the New York Stock Exchange, or the NYSE, under the symbol “WUBA.” On March 27, 2014, the closing trading price for our ADSs, as reported on the NYSE, was US$39.15 per ADS.

Fourth Quarter 2013 Financial Results

• Total revenues were US$45.3 million in the fourth quarter of 2013, an 83.2% increase from the same period last year; exceeding guidance of US$41 to US$43 million.
• Basic and diluted earnings per ADS attributable to ordinary shareholders of $0.14 and $0.13 respectively, compared with basic and diluted loss per ADS attributable to ordinary shareholders of $0.34 during the same quarter of 2012.

"I am pleased to report a record setting quarter as we finished 2013 on a strong footing," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. "Traffic continued to grow during the quarter, particularly mobile. We continued to grow our revenues as we approach approximately 400,000 paying merchant members. We will continue to invest in R&D, marketing, and our mobile offerings to further penetrate into China's large local services market and reinforce our leadership position."

"Our financial results continued to improve as we set a new record for quarterly revenues that exceeded the high end of our earlier guidance for the quarter," said Mr. Hao Zhou, Chief Financial Officer of 58.com. "Revenues increased 83.2% from the same quarter last year to US$45.3 million. Excluding revenues generated from other services which are non-core services that we have been scaling back since mid-2012, revenues from our core businesses continue to grow at around 90% throughout the four quarters of 2013 as compared with the same period of 2012. Revenues from our online marketing services continued to grow at a faster pace than our membership revenues. This demonstrates the effectiveness of our solid monetization strategy where efficiency increases as our business further scales up."

Business Outlook

Based on the Company's current operations, total revenues for the first quarter of 2014 are expected to be between US$43 million and US$45 million, representing a year-over-year increase of 81% to 90%. These estimates reflect the Company's current and preliminary view, which is subject to change.

Third Quarter 2013 Results

• Total revenues were $41.6 million in the third quarter of 2013, a 77.6% increase from $23.4 million in the same quarter of 2012.
• The company reported earnings per ADS of $0.36 respectively, compared to a loss per ADS of $0.27 during the same quarter of 2012.

"We are pleased to report our quarterly results for the first time as a public company," commented Mr. Michael Yao, Chairman and Chief Executive Officer of 58.com. "Our business continued to grow rapidly in the third quarter as our profitability further improved due to higher revenues and the powerful network effect that our business strategy creates. We will continue to invest aggressively and work diligently to improve our competitive advantage in China's massive local services market."

"After turning profitable in the second quarter of 2013, the Company's operational and financial results continued to improve during this quarter," said Mr. Hao Zhou, Chief Financial Officer of 58.com, "The number of paying merchant members and our total revenues continued to grow rapidly during the quarter. Online marketing services revenues continued to grow at a faster pace than membership revenues, demonstrating the enormous potential of our online marketing services. We are eager to seize any opportunities as they arise to further expand our business going forward."

Business Outlook

For the fourth quarter of 2013, the Company expects revenues to be between US$41.0 million and US$43.0 million, representing a year-over-year increase of 65.9% to 74.0%. These estimates reflect the Company's current and preliminary view, which is subject to change.

BEIJING, Nov. 12, 2013 /PRNewswire/ -- 58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China's largest online marketplace serving local merchants and consumers, announced that the underwriters of its initial public offering exercised in full their option to purchase up to 1,650,000 additional ADS at the initial public offering price of US$17.00 per ADS.

Including the exercise of the over-allotment, 58.com offered a total of 12,650,000 ADSs, which represents a total capital raise ofUS$215,050,000.

58.com's registration statement relating to the offering has been filed with, and declared effective by, the United States Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

BEIJING, Oct. 31, 2013 /PRNewswire/ -- 58.com Inc. (NYSE: WUBA) ("58.com" or the "Company"), China's largest online marketplace serving local merchants and consumers, today announced that it has priced its initial public offering of 11,000,000 American Depositary Shares ("ADSs"), each representing two Class A ordinary shares of the Company, at US$17.00 per ADS for a total offering size of US$187 million, assuming the underwriters do not exercise their option to purchase additional ADSs. The ADSs are expected to begin trading on the New York Stock Exchange ("NYSE") today under the ticker symbol "WUBA". 

The underwriters have been granted an option, exercisable within 30 days from the date of the final prospectus, to purchase up to 1,650,000 additional ADSs at US$17.00 per ADS.