58.com Invests in Golden Pacer; Uxin Enters Into Divestiture Deal

Belinda Zhou
    Sep 30, 2019 3:05 PM  PT
58.com Invests in Golden Pacer; Uxin Enters Into Divestiture Deal
author: Belinda Zhou   

China's online market place for classifieds 58.com (NYSE: WUBA) announced on Monday it will acquire a 32.6% in Golden Pacer by the end of 2019.

The Beijing-based company said it will convert its profit participation right into an equity stake in the financial technology platform. 

Online used car dealer Uxin Ltd. (Nasdaq: UXIN) announced on the same day that it will divest its loan facilitation business with Golden Pacer, which will bring Uxin $100 million in cash and 18.4% of certain preferred shares in Golden Pacer. The company reported a binding term sheet with Golden Pacer relating to the divestiture in July.

The stock of 58.com jumped 1% on Monday to $49.31 per American depositary share. Shares in Uxin closed at $2.45 per American depositary share, down more than 2%. 

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