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  "documentTitle": "32 IBD presentation 2020 58.Com Inc. Houlihan Lokey 1",
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  "notes": "The slide provides a detailed breakdown of the acquisition price, cash consideration, stock issuance, and the resulting pro forma equity value.",
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      "text": "In May 2020, Zhuan Zhuan entered into an arm's length, negotiated transaction with a third party to acquire 100% of Shenzhen Wanshifu Technology Co., Ltd., which operates the Zhaoliangji app (ZLJ). Per Company management, the headline acquisition price for ZLJ was ¥2.0 billion (~$280.5 million), financed by ¥360 million cash and ~242.0 million shares of Zhuan Zhuan, representing ~14.4% of Zhuan Zhuan's existing shares and ~12.6% of Zhuan Zhuan on a pro forma basis. The ZLJ transaction implied a pre-money valuation for Zhuan Zhuan of ~$1.6 billion (~¥11.4 billion) on a standalone basis based on the (i) headline acquisition price, (ii) cash consideration component and (iii) number of shares issued to former owners of ZLJ. The implied pre-money valuation for Zhuan Zhuan corroborates the implied value from a financing in 2019 by which 58.com, Tencent and certain new investors contributed an equivalent of $300 million at an implied valuation of $1.6 billion. The sum of the headline acquisition price for ZLJ and implied pre-money valuation for Zhuan Zhuan less cash consideration equals an implied value for Zhuan Zhuan & ZLJ of ~¥13.0 billion or ~$1.8 billion. The implied value of the Company's interest in Zhuan Zhuan & ZLJ after factoring in dilution from 54.6% to 46.9% on a pro forma basis is equal to ~¥6.1 billion or ~$863 million",
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      "text": "(dollars, RMB and shares in millions)",
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      "text": "Source: Company management, public filings, Capital IQ. Note: Per Company management, the various classes of equity in Zhuan Zhuan are economically similar. 1. Based on RMB to USD exchange rate as of 6/12/2020 per Capital IQ. 2. Per Company management. 3. For purposes of determining number of shares issued in the ZLJ acquisition and pre-acquisition total Zhuan Zhuan Shares, ESOP shares are included at the direction of Company management.",
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      "text": "ZLJ Acquisition in May 2020",
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      "text": "Summary of Recent Zhuan Zhuan & ZLJ Transaction and Corresponding Implied Valuation",
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      "text": "Implied Proportionate Equity Value of Zhuan Zhuan & ZLJ",
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      "text": "Summary of Recent Zhuan Zhuan & ZLJ Transaction",
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