on 28 September hunt cloud network news, domestic classifieds site 58 city today with the securities and exchange commission (SEC) filed the IPO prospectus. 58 city planning on the nyse, codenamed WUBA, quasi finance up to $150 million. Underwriters for Morgan Stanley, credit suisse, citigroup and crown Pacific securities. This is after lanting collection of potential, Chinese stocks listed on the second to the United States.
58 city positioning service platform in local life, the customer mainly for small and medium-sized businesses, providing packaging promotion and individual promotion service online. Source of income for the membership fee and online promotion.
58 city in the second quarter of this year profit
the prospectus shows that 58 city operation and free cash flow has been for four quarters in a row is, in the second quarter of 2013 in the quarter profit. 58 city in the second quarter of the total revenue of $35.114 million, higher than the last quarter of the $23.729 million and $21.756 million over the same period last year; Net profit of $4.956 million, last quarter and in the same period last year net loss of $4.671 million and $7.03 million respectively.
58 city in the first half of this year on revenue of $58.84 million, and the same period last year to $38.98 million, up 51% from a year earlier. 58 city during the first half net profit of $285000, while in the first half of 2012 losses of $2012. In 2012, 58 city losses of $30.4 million.
the membership fee is still the main source of income. $58.84 million in revenue in the first half of this year, the membership fee of $35.46 million, online marketing services income (i.e., advertising) for $22.43 million. Online trading commissions, and other income of just $950000.
at the end of the second quarter, 58 city merchants paid a total of 297700 members, involving life services including real estate, recruitment, automobile, housekeeping, food and beverage, second-hand trade in several aspects, such as, covering nearly 380 cities across the country. As of the end of the first quarter of 248800 payment businesses, by the end of 2012 by the end of the second quarter of 171900.
the prospectus disclosed that at present 40% of the 58 city page flow from the mobile terminal. After the raise money, the company will continue to power the mobile Internet market, and improve the user experience.
CEO Yao Jinbo as the largest shareholder
the prospectus shows that 58 city CEO Yao Jinbo currently holds a 27.9% stake, is the company’s largest shareholder. Softbank saif holds a 20.5% stake in 58 city. DCM stake of 16.6%, warburg pincus was 25.8%.
58 city was founded in Beijing in December 2005, has experienced five rounds of financing. Softbank, in 2006, saif to 58 city $5 million, and the additional $40 million investment in 2008. In 2010, DCM and softbank saif to 58 city investment of $15 million.
at the end of 2010, 58 city HuaPingLing cast a new round of total $60 million in financing, including Yao Jinbo personal investment of $5 million. Since then, warburg pincus and chase for $55 million at the end of 2011, of which $13 million obtained by Yao Jinbo personal financing in lending way.