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  "documentTitle": "58.com Inc. (WUBA)",
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  "authorName": "Grizzly Reports",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-02-01 00:00:00",
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  "notes": "The slide uses a table to break down the purchase price allocation of the Ganji acquisition, specifically highlighting the $2.6B goodwill figure.",
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      "text": "We believe WUBA should have already incurred a massive impairment charge to its goodwill due to Ganji’s underperformance over the past few years.",
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      "text": "Step 1: 17 million ADSs equivalent and $412.2 million cash... Step 2: 25.5 million ADSs equivalent and $457.6 million cash... Step 3: $14.1 million to acquire 0.4%...",
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      "text": "Anjuke was one of the leading real estate listing platforms in China... Ganji was WUBA's major competitor in the O2O area...",
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      "text": "goodwill: $2.6 billion",
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      "text": "WUBA became the leader in China's online classifieds sector in 2015 when it acquired both Anjuke and Ganji, two of its largest competitors.",
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      "text": "WUBA keeps touting Ganji as one of its core assets in its 20F filing and investor presentation, even though management fails to disclose specifics about Ganji's financial performance.",
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      "text": "3. Ganji Takeover Looks Like a Sham",
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