webmaster network (www.admin5.com) September 29th news, 58 city yesterday to the U.S. Securities and Exchange Commission (SEC) submitted a prospectus to be listed in the United states. The company raised $150 million of funds, the underwriters for Morgan Stanley, Credit Suisse and Citigroup, the transaction code is WUBA.
58.com (58 city) is a life information classification site, founded in late 2005. Located in the local life service platform, mainly for small businesses, the number of active merchants reached 4 million, monthly independent users of the national website, the city of, the size of the 27 cities. Involved in the life of services, including real estate, recruitment, automotive, housekeeping, catering, second-hand trading and other aspects. From its inception in 8 years, VC has been repeatedly favored capital, mostly Japanese companies. Apply to the United States IPO two times.
classified information in the field, in addition to the 58 city and Ganji, people network and similar business model. From the beginning of 2012, 58 city business model has been re adjusted, trying to change from a purely classified information platform into a C2C trading platform, into the electricity supplier phase. And the introduction of online payment functions, in order to achieve closed loop transactions.
with the advent of the mobile Internet era, the 58 city also increased investment in the mobile terminal, Yao Jinbo hoped the 58 city service from the PC shift to the mobile terminal, but the mobile Internet, there is a clear distinction between the end of the traditional PC model, Yao Jinbo for the 58 city in the development of mobile Internet has new direction the idea of mobile Internet: Internet should not become a platform for display, e-commerce on the mobile Internet there should be a new model. Although 58 city for the transition to the C2C trading platform provider reports denied, but in the new field of mobile Internet, 58 city facing the transition from the classified information website for local life service platform opportunities and challenges.
prospectus, 58 city operations and free cash flow has been for 4 consecutive quarters, the second quarter of 2013 is outbreak: quarter revenue grew 61% to $35 million 110 thousand, net profit of $4 million 960 thousand representing losses. In the past two years the fund chain break, executives leave, layoffs, failure of transformation and a series of negative news, these figures as the wonderful fairy. Public data show that 58 city had received several rounds of investment in 2006, Saif invested $5 million investment in June 2008, Saif invested 40 million yuan; in April 2010, 58 city DCM and Saif $15 million of the total investment; in December 2010, 58 city announced a $60 million C round of financing.
according to the third party market research firm iResearch (iResearch) statistics >