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  "documentTitle": "58.com Inc. (WUBA)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-02-01 00:00:00",
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      "text": "What we found in SAIC filings was devastating, Ganji seemed to have lost over 95% of its revenue since the acquisition by WUBA.",
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      "text": "We believe that WUBA is intentionally hiding the fact that Ganji has been rapidly declining. WUBA clearly states in its filings that it tests for impairment.",
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      "text": "Furthermore, Ganji founder Mark Haoyong Yang had resigned his position as Co-CEO of WUBA in November 2015... Did the former founder anticipate that the business is about to fall apart?",
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      "text": "SAIC filings also show that Ganji generated $203 million revenue in 2015... This means shareholders paid a ridiculous 14x revenue for this business that would soon fall apart.",
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      "kind": "paragraph",
      "text": "We understand that WUBA discloses that Ganji stopped selling stand-alone Ganji subscription-based membership services in 2018 or earlier... Our view that Ganji has already secretly declined rapidly unbeknownst to investors is corroborated by our web traffic analysis.",
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      "text": "Source: SAIC information",
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      "text": "Shanjing Kechuang + Yangguang Gudi (Ganji) Revenues ('000 USD)",
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