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  "documentTitle": "32 IBD presentation 2020 58.Com Inc. Houlihan Lokey 1",
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  "presentationDate": "2020-01-01 00:00:00",
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  "pageNumber": 11,
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  "notes": "This slide serves as a technical appendix for financial disclosures.",
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      "text": "1. Consists of ¥4,777.4 million cash & cash equivalents held at the Core Business, ¥579.5 million cash & cash equivalents held at Zhuan Zhuan and ¥35.8 million cash & cash equivalents held at ZLJ as of 3/31/2020 per Company management.\n2. Represents investment instruments issued by commercial banks in China with maturity dates within one year.\n3. Represents estimated value of the Company's deconsolidated long-term investments based on book value as of 3/31/2020 and recent indications of value from transactions and financing rounds as provided by Company management. Refer to page 28 for additional detail on the components of the Company's long-term investments.\n4. Represents principal amount of convertible loan to Uxin Limited. Based on conversion price of $3.09 per ADS, the convertible note is out-of-the-money as of 6/12/2020.\n5. Represents principal amount of convertible loan to Ai Fang in March 2020 which provides the Company the option to convert the loan into a 20% equity interest in Ai Fang. Company management indicated that the principal amount reflects the Company's estimated value of the convertible loan.\n6. In April 2020, the Company completed a transaction by which it converted its profit participation rights in Golden Pacer to a 40% equity ownership in Golden Pacer. As of 12/31/2019 and 3/31/2020, per Company management, the book value of the profit participation rights was ¥150.9 million, or $21.6 million based on the exchange ratio provided in the Company's Form 20-F.\n7. Represents amounts to be repaid to the Company as a result of the Company's disposal of its finance services and other finance related business. Primarily comprised of return of original capital contribution plus interest and repayments from borrowers for automobile financing receivables.\n8. Represents remaining amounts owed to the Company as of 3/31/2020 in relation to the Company's disposal of a portion of its interest in Guazi in 2019.\n9. Per Company management, represents the gross amount of government subsidies the Company is expected to receive from 3/31/2020 through 12/31/2020. Thereafter, the Company does not expect to receive any additional government subsidies.\n10. Per Company management, the Company expects to receive ¥9.0 million annually in rent payments from affiliated parties. Estimated value of the future rent payments calculated as ¥9.0 million (less taxes) into perpetuity discounted at a discount rate of 11.5% - 13.5%.\n11. Represents cash component of ZLJ acquisition that is expected to close in Q2 2020, per Company management.\n12. Represents consideration payable related to acquisition of Ganji.\n13. Estimated value of Zhuan Zhuan & ZLJ based on implied value of the combined company from the third party, arms length negotiated ZLJ acquisition announced in May 2020. Refer to page 32 for detail on the derivation of the implied value. The noncontrolling interests in Zhuan Zhuan calculated as implied value multiplied by ownership % not owned by the Company of 53.1%.\n14. Group Consolidated (Core Business plus Zhuan Zhuan & ZLJ) historical and projected financials provided by Company management.\n15. Group Consolidated Implied Multiples calculated based on Implied Transaction Enterprise Value – Group Consolidated.\n16. Core Business historical and projected financials provided by Company management.\n17. Core Business Implied Multiples calculated based on Implied Transaction Enterprise Value – Core Business.",
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      "text": "Source: Company management, public filings, Capital IQ.",
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      "kind": "title",
      "text": "Transaction Value Overview (cont.)",
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