58.com Converted Profit Participation Right and Acquired Shares of Golden Pacer
58. COM INC (WUBA)
Last 58. com inc earnings: 3/11 07:00 pm
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US:NYSE Investor Relations:
58.investorroom.com
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Source: PR Newswire
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.
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