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58.com to spin off secondhand car-trading platform Guazi.com

WUHAN
2015-11-26 17:01

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58.com Inc. (WUBA.NYSE) announced on Wednesday its plan to spin off its secondhand car-trading subsidiary Guazi.com. Yang Haoyong, co-chairman of 58.com, will serve as chairman and CEO of Guazi.com.

Management cored on Yang Haoyong will have a combined equity of 50 percent in the company. Guazi.com, adopting a C2C business mode, allows car buyers and sellers to directly transact through the platform and offers one-stop services ranging from car financing and insurance to maintenance.

In April, 58.com, a leading Craigslist-style classified service provider in China, merged with rival Ganji.com. Investors have been pushing for key rivals to merge due to the spiraling costs of marketing campaigns.

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