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  "documentTitle": "32 IBD presentation 2020 58.Com Inc. Houlihan Lokey 1",
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  "notes": "The slide highlights that most valuation inputs remained unchanged, with minor adjustments in implied value ranges due to book value write-downs and FX fluctuations.",
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      "text": "1. Computed as Current Discussion Materials (6/15/2020) less Prior Discussion Materials (6/12/2020).",
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      "text": "Changes in Implied Per ADS Value Reference Ranges between the Prior Preliminary Discussion Materials dated 6/12/2020 and Current Discussion Materials dated 6/15/2020 are primarily due to (i) changes to the estimated value of certain long-term investments, primarily Guazi driven by the change in estimated book value as of 3/31/2020 which Company management estimates an approximate RMB535 million write down in Q1 2020 and (ii) foreign exchange rate fluctuations between 6/9/2020 and 6/12/2020.",
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      "text": "Since the Prior Preliminary Discussion Materials dated June 12, 2020, the selected multiples, discount rates, Core Business long-term growth rate and Zhuan Zhuan & ZLJ terminal multiple remain unchanged.",
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