Tencent to classifieds site $736 million stake in 58 (19.9%)

cloud network hunting on June 27th evening news

tencent in the Hong Kong stock exchange announced that the disclosure of information website has 58 city company (WUBA) $736 million acquisition of a 19.9% stake. This is tencent company’s first foray into online classified information field. Time, 58 city market value of about $3.99 billion.

the following as the main body of the tencent disclosure document:

the board of directors announced that readily on June 27, 2014, the buyer (a wholly-owned subsidiary of the company), and 58. com investment agreement. Com for a 58. on the New York stock exchange listed company (microblogging), and will be filed with the SEC for a declaration of the investment agreement.

58. com is a company incorporated under the laws of the cayman islands, management of China’s largest classified advertising platform.

according to the investment agreement, the buyer will purchase from 58. com subscription and a number of common shares, and 58. com will provide a number of existing shareholders to buy back a number of class B common stock, the buyer in the transaction is completed will have 58. com combined outstanding total equity of 19.9% and 58. com 15.2% of the voting rights (computing) on the fully diluted basis, cost about $736 million.

as a result of the deal for percentage definition (see article 14.07 of the listing rules) and no more than 5%, so the transaction is not a listing rules shall be promulgated transactions under chapter 14. Director after making all reasonable query know, know, and faith, 58. com and its affiliated companies (as well as its ultimate beneficial owner) is not our company’s relation, and transaction does not constitute A correlation transactions under chapter 14 of the listing rules.

according to article 13.09 (2) of the listing rules or the securities and futures ordinance (cap. 571 sub. Leg.) under the first XIVA department inside information, transaction does not constitute inside information.

on June 27, 2014,