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TABLEOFCONTENTS
INDEXTOCONSOLIDATEDFINANCIALSTATEMENTS
TableofContents
FiledpursuanttoRule424(b)(4)
RegistrationNo.
PROSPECTUS
11,000,000AmericanDepositaryShares
58Inc.
REPRESENTING22,000,000CLASSAORDINARYSHARES
58Inc.isoffering11,000,000AmericanDepositaryShares,orADSs.EachADSrepresentstwoClassAordinaryshares,parvalue$0.00001pershare.ThisisourinitialpublicofferingandnopublicmarketexistsforourADSsorourordinaryshares.
Uponthecompletionofthisoffering,wewillhaveadualclassordinarysharestructure.OurordinaryshareswillbedividedintoClassAordinarysharesandClassBordinaryshares.HoldersofClassAordinarysharesareentitledtoonevotepershare,whileholdersofClassBordinarysharesareentitledtotenvotespershare.HoldersofClassAandClassBordinaryshareswillvotetogetherasoneclassonallmattersthatrequireshareholders'approval.EachClassBordinaryshareisconvertibleintooneClassAordinaryshareatanytimebytheholderthereof,whileClassAordinarysharesarenotconvertibleintoClassBordinarysharesunderanycircumstance.Uponthecompletionofthisoffering,ourexistingshareholderswillownanaggregateof131,811,987ClassBordinaryshares,whichwillrepresent98.2%ofthethentotalvotingpowerofouroutstandingshares.
Wearean"emerginggrowthcompany"underapplicableU.S.federalsecuritieslawsandareeligibleforreducedpubliccompanyreportingrequirements.
OurADSshavebeenapprovedforlistingontheNYSEunderthesymbol"WUBA."
InvestinginourADSsinvolvesrisks.See"RiskFactors"beginningonpage17.
PRICE$17.00ANADS
Priceto
Public
Underwriting
Discountsand
Commissions
Proceedsto
58Inc.
PerADS
$
17.00
$
1.19
$
15.81
Total
$
187,000,000
$
13,090,000
$
173,910,000
Wehavegrantedtheunderwriterstherighttopurchaseuptoanaggregateof1,650,000additionalADSstocoverover-allotments.
TheSecuritiesandExchangeCommissionandstatesecuritiesregulatorshavenotapprovedordisapprovedthesesecurities,ordeterminedifthisprospectusistruthfulorcomplete.Anyrepresentationtothecontraryisacriminaloffense.
TheunderwritersexpecttodelivertheADSstopurchasersonNovember5,2023.
MORGANSTANLEY
CREDITSUISSE
CITIGROUP
PACIFICCRESTSECURITIES
October31,2023
TableofContents
TableofContents
TABLEOFCONTENTS
Page
ProspectusSummary
1
RiskFactors
17
SpecialNoteRegardingForward-LookingStatementsandIndustryData
57
UseofProceeds
58
DividendPolicy
59
Capitalization
60
Dilution
61
EnforceabilityofCivilLiabilities
63
CorporateHistoryandStructure
65
SelectedConsolidatedFinancialData
69
Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations
71
IndustryOverview
97
Business
101
Regulation
119
Management
130
PrincipalShareholders
138
RelatedPartyTransactions
142
DescriptionofShareCapital
143
DescriptionofAmericanDepositaryShares
153
SharesEligibleforFutureSale
166
Taxation
168
Underwriting
176
ExpensesRelatingtoThisOffering
182
LegalMatters
183
Experts
184
WhereYouCanFindAdditionalInformation
185
IndextoConsolidatedFinancialStatements
F-1
Youshouldrelyonlyontheinformationcontainedinthisprospectusorinanyrelatedfree-writingprospectus.Wehavenotauthorizedanyonetoprovideyouwithinformationdifferentfromthatcontainedinthisprospectus.Weareofferingtosell,andseekingofferstobuy,theADSsonlyinjurisdictionswhereoffersandsalesarepermitted.Theinformationcontainedinthisprospectusiscurrentonlyasofthedateofthisprospectus,regardlessofthetimeofdeliveryofthisprospectusorofanysaleoftheADSs.
WehavenottakenanyactiontopermitapublicofferingoftheADSsoutsidetheUnitedStates.PersonsoutsidetheUnitedStateswhocomeintopossessionofthisprospectusmustinformthemselvesaboutandobserveanyrestrictionsrelatingtotheofferingoftheADSsandthedistributionoftheprospectusoutsidetheUnitedStates.
UntilNovember25,2023(the25thdayafterthedateofthisprospectus),alldealersthatbuy,sellortradeADSs,whetherornotparticipatinginthisoffering,mayberequiredtodeliveraprospectus.Thisisinadditiontotheobligationofdealerstodeliveraprospectuswhenactingasunderwritersandwithrespecttotheirunsoldallotmentsorsubscriptions.
i
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PROSPECTUSSUMMARY
Thefollowingsummaryisqualifiedinitsentiretyby,andshouldbereadinconjunctionwith,themoredetailedinformationandfinancialstatementsappearingelsewhereinthisprospectus.Inadditiontothissummary,weurgeyoutoreadtheentireprospectuscarefully,especiallytherisksofinvestinginourADSsdiscussedunder"RiskFactors"beforedecidingwhethertobuyourADSs.ThisprospectuscontainsinformationfromtheiResearchChinaOnlineClassifiedsMarketResearchReport,anindustryreportcommissionedbyusandconductedbyiResearchConsultingGroup,oriResearch,athird-partymarketresearchfirm,toprovideinformationonourmarketpositionamongonlineclassifiedsprovidersinChina.WerefertothisreportastheiResearchReportinthisprospectus.TheiResearchReportusesdatafortherelevantperiodasofMay31,2023whenestimatingthesizeoftheonlineclassifiedsmarketandthepositionofthemarketparticipantsincludingus.TheiResearchReportusesmonthlyuniquevisitorsdataofonlinemarketplacesonpersonalcomputersfromJanuary2023toMay2023anddataofonlinemarketplacesonmobileapplicationsfromAugust2023toMay2023,whenestimatingthepositionofthemarketparticipantsincludingus.iResearchstartedcollectingmonthlyuniquevisitorsdataofonlinemarketplacesonmobileapplicationsinAugust2023.
OurBusiness
WeoperatethelargestonlinemarketplaceservinglocalmerchantsandconsumersinChina,asmeasuredbymonthlyuniquevisitorsonbothourwebsiteandmobileapplications,accordingtotheiResearchReport.Ouronlinemarketplaceenableslocalmerchantsandconsumerstoconnect,shareinformationandconductbusiness.Ourlargeandgrowinguserbase,merchantnetworkandmassivedatabaseoflocalinformationcreateapowerfulnetworkeffectthatenablesustomaintainourleadershipposition.
Ouronlinemarketplacecontainsavastamountofcredibleandup-to-datelocalinformationinapproximately380cities,acrossdiversecontentcategories,includinghousing,jobs,usedgoods,automotive,pets,tickets,yellowpagesandotherlocalservices.Weconductautomaticandmanualscreeningusingproprietarytechnologyandprocessestoensurerelevanceandaccuracyoftheinformationonouronlinemarketplace.Tofurtherincreasethequalityofinformationandenhanceuserexperience,weleverageouryearsofexperienceandcontinuetodevelopprocessesandfeaturestocertifylocalmerchants,encourageuserreviews,collectandrespondtocustomerfeedbackthroughourcustomerserviceteamandprovidedesignedtemplatestolocalmerchantstomakelistingsmoreinformativeandeffective.Ourbroad,in-depthandhighqualitylocalinformation,combinedwithoureasy-to-usewebsiteandmobileapplications,hasmadeusatrustedmarketplaceforconsumers.
Ouronlinemarketplacealsoprovidesmerchantswithanaffordableandeffectivemarketingchanneltoreachabroadandtargetedlocalconsumerbase.Oursalesandcustomerserviceteamsstayinregularcontactwithourcustomerstohelpthemuseouronlinemarketingservicestoachieveoptimalmarketingeffectiveness.Ourwell-recognizedbrand,"58,"furtherhelpslocalmerchantstoattractconsumersinChina.Asaresult,wehadapproximately4.3millionactivelocalmerchantsonourmarketplaceinthesecondquarterof2023.
Ourbusinessmodelishighlycompatiblewithmobileinternet.Ourlisting-basedcontentiseasytodisplaythroughmobiledevices.Ourlocation-basedservicesandothermobilefunctionalitiessignificantlyincreaseuserengagement.Wehavelaunchedaseparatemerchantmobileapplicationtoincreaseconsumer-merchantcommunicationandenhancetheabilityofmerchantstomanagecontentandattractconsumers.Inthesecondquarterof2023,39.4%ofouraveragemonthlypageviewswereonmobileapplications.
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Leveragingthenetworkeffectofouronlinemarketplacewithourfocusonprovidingthebestuserexperience,wehaveachievedmarketleadershipwithsignificantusertrafficandgrowinguserengagement,asshownby:
?
ourno.1marketpositionrepresentedby38.1%marketshareintermsofcashreceiptsinChina'sonlineclassifiedsmarketin2023,accordingtotheiResearchReport;
?
anaverageof129.7millionmonthlyuniquevisitorswhovisitedourwebsiteorusedourmobileapplicationsinthesecondquarterof2023;
?
thenumberofpageviewsperuniquevisitoronourwebsite,whichmorethandoubledinthesecondquarterof2023ascomparedtothesameperiodin2023;and
?
anaverageof1.9millionlistingsperdayoflocalinformationthatouruserspostedonourwebsiteandmobileapplicationsinthesecondquarterof2023.
Wegeneraterevenuesprimarilyfrommembershipsandonlinemarketingservices.Amembershipisabasicservicepackageconsistingofmerchantcertification,displayofanonlinestorefrontonourmarketplace,preferentiallistingbenefitssuchasdailyprioritylistingsandhigherquotafordailylistingsandaccesstoourdedicatedcustomerservicesupportteamandonlineaccountmanagementsystem.Ouronlinemarketingservicesmainlyincludelistingservices,suchasreal-timebiddingandprioritylisting,andmarketingservicesthroughcollaborationwiththird-partyinternetcompaniesinChina.Merchantscanuseourreal-timebiddingservicestobidforthemostprominentplacementoftheirlistingsinspecificcategoriesandlocationsonadailybasis.Merchantscanalsopurchaseourprioritylistingservices,whichplacetheirlistingsbelowreal-timebiddinglistingsandabovepayingmerchantmembers'listings.
OurrevenueswereUS$10.7million,US$41.5millionandUS$87.1millionin2023,2023and2023,respectively.WeincurrednetlossofUS$13.9million,US$83.4millionandUS$30.4millionin2023,2023and2023,respectively.OurrevenueswereUS$58.8millionandwehadanetincomeofUS$0.3millioninthesixmonthsendedJune30,2023.
OurIndustry
China'sonlinemarketingindustryhasgrownsignificantlyastheinternetcontinuestogainpopularityasaneffectivemarketingmedium.AccordingtotheiResearchReport,China'sonlinemarketingindustryisexpectedtogrowfromUS$12.1billionin2023toUS$39.3billionin2023representingafive-yearcompoundannualgrowthrate,orCAGR,of26.6%.BasedoniResearch'sestimates,onlinemarketingisexpectedtobecomethelargestmarketingmediuminChinain2023.
Therapidproliferationofinternetusageisalsodrivingashiftinmarketingservicestowardstheonlinechannel.TheonlineclassifiedsmarketinChinaisexpectedtogrowfromUS$275.4millionin2023toUS$2.4billionin2023,andonlineclassifiedsasapercentageoftotalclassifiedsisexpectedtoincreasefrom10.6%in2023to43.9%in2023,accordingtotheiResearchReport,duetoChina'slargenumberofmegacitiesandtheresourcesconstraintsfacedbylocalmerchants,especiallysmallandmedium-sizedenterprises,orSMEs.Therewillbe57millionSMEsinChinain2023,accordingtotheiResearchReport.Duetotheirrelativelysmallerscale,localmerchantsinChinafaceanumberofinherentchallengeswhenconductingbusiness,whichincludemarketingeffectivelyandgainingcredibilityandconsumertrust.Thesechallengeshavesetthestagefortheemergenceofonlineclassifiedsplatformsasacost-effectivemediumtoconnectlocalmerchantswithpotentialcustomers.
Thegrowingadoptionofmobileinternetusagecombinedwithtechnologicaladvancementhasenabledtheproliferationofrichcontentandmorecomplexapplicationsonmobiledevices.AccordingtotheiResearchReport,thenumberofmobileinternetusersinChinahasbeengrowing,andisexpectedtocontinuetogrowatafastpace,increasingfrom420millionin2023to784millionin2023.Theaccessibilityandrangeoffunctionalitiesprovidedbymobiledeviceswillleadtoahigherlevelofuserengagement,andalsoallowlocalmerchantstobettermanagetheirproductofferings.Mobile
2
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applicationsalsoallowonlinemarketingservicesproviderstobettertrackuserbehaviorandmonitorlistingeffectiveness,whichwillinturndrivemoreproductinnovation.
WhyConsumersChooseUs
?
Depthofinformationatthelocallevel
?
Breadthofcontentcategories
?
Up-to-dateandcredibleinformation
?
Easeofuse
?
Compellingmobileexperience
WhyMerchantsChooseUs
?
Broadconsumerreach
?
Affordableandeffectivemarketingchannel
?
Abilitytotargetconsumers
?
Strongcustomerservice
?
Wellrecognizedbrand
OurStrengths
Webelievethatoursuccessislargelyattributabletothefollowingkeycompetitivestrengths:
?
Leadingmarketposition
?
Powerfulnetworkeffect
?
Trustedmarketplace
?
Provenmobileadoption
?
Extensiveandengagedmerchantnetwork
?
Strongbrandrecognition
?
Significantmonetizationpotential
?
Strongproductdevelopmentandengineeringcapabilities
OurStrategies
OurvisionistoprovidethemostconvenientandtrustedonlinemarketplaceforlocalmerchantsandconsumersinChina.Weintendtoachieveourvisionbypursingthefollowinggrowthstrategies:
?
Growuserbaseandenhanceuserexperience
?
Expandandstrengthenmerchantnetwork
?
Enhancemobilecapabilities
?
Furthermonetizetraffic
?
Pursuestrategicalliancesandacquisitionopportunities
OurChallenges
Weoperateinafast-evolvingindustryandfacerisksanduncertaintiesthatcouldadverselyimpactourbusiness,includingthoserelatingtoourabilityto:
?
continuallyanticipateuserpreferencesandprovideattractiveservicesonouronlinemarketplace;
3
TableofContents
?
retainexistingandattractnewlocalmerchantstouseouronlinemarketplaceandpayforourmembershipandonlinemarketingservices;
?
achieveandsustainoperatingprofitability,givenourhistoryoflosses;
?
effectivelyrespondtocompetition;
?
manageourgrowthorexecuteourstrategieseffectively;
?
maintainastrongbrandimageandavoid,ortimelyandeffectivelyrespondto,eventsthatcouldcausenegativepublicityandharmourreputation;
?
offernew,innovativeandeffectiveservicesatcompetitivepricestoattractandretainalargeuserbase;
?
balancetheneedtomarketandadvertiseourserviceswiththesignificantcostsofdoingso;
?
captureandretainasignificantportionofthegrowingnumberofuserswhoaccessonlinemarketplacesthroughmobiledevices;and
?
attract,trainandretainqualifiedpersonnel.
Inaddition,wefacerisksanduncertaintiesrelatedtoourcorporatestructureanddoingbusinessinChina,including:
?
risksassociatedwithourcontroloverBeijing58InformationTechnologyCo.,Ltd.,orBeijing58,whichisbasedoncontractualarrangementsratherthanequityownership,includingourabilitytouseandenjoyassetsheldbyBeijing58anditssubsidiariesthatarematerialtotheoperationofourbusiness,suchasthedomainnamesandtrademarksheldbyBeijing58;
?
risksrelatedtothepotentialconflictbetweenPRCandCaymanIslandsfiduciarydutiesowedbydirectorsofBeijing58andourcompanyandthelackofframeworkfortheresolutionoffiduciarydutyconflictsbetweenthesedifferentjurisdictions;
?
uncertaintiesassociatedwiththeinterpretationandapplicationofPRCregulationsandpolicies,includingthoserelatingtothedistributionofinternetcontentinChina;and
?
risksrelatedtoourabilitytousetheproceedsofthisofferingtomakeadditionalcapitalcontributionsorloanstoourPRCsubsidiariesasaresultofPRCregulationsandgovernmentalcontrolofcurrencyconversion.
Pleasesee"RiskFactors"foramoredetaileddiscussionoftheseandotherrisksanduncertaintiesweface.
UnderPRClawsandregulations,wearepermittedtoutilizetheproceedsfromthisofferingtofundourPRCsubsidiariesonlythroughloansorcapitalcontributions,subjecttoapplicablegovernmentregistrationandapprovalrequirements.Wecannotassureyouthatwewillbeabletomeettheserequirementsonatimelybasis,ifatall.See"RiskFactors—RisksRelatingtoDoingBusinessinChina—PRCregulationofdirectinvestmentandloansbyoffshoreholdingcompaniestoPRCentitiesandgovernmentalcontrolofcurrencyconversionmaydelayorlimitusfromusingtheproceedsofthisofferingtomakeadditionalcapitalcontributionsorloanstoourPRCsubsidiaries."WecurrentlyplantouseasubstantialportionofproceedsfromthisofferingtoincreasetheregisteredcapitalofWanglinand58TechnologyandwillapplytoobtainapprovalfromtheMinistryofCommerceoritslocalcounterpartsforsuchincreasesandregisterthechangeswiththeStateAdministrationforIndustryandCommerceandtheSAFEortheirlocalcounterparts.WecurrentlydonotplantousetheproceedsfromthisofferingtofundtheoperationsofBeijing58,ourconsolidatedaffiliatedentity,anditssubsidiaries.
CorporateHistoryandStructure
WebeganouroperationsinChinain2023throughBeijing58,aPRClimitedliabilitycompany,whichbecameourconsolidatedaffiliatedentitythroughcertaincontractualarrangements.Duetothe
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legalrestrictionsandqualificationrequirementsonforeignownershipofvalue-addedtelecommunicationsservices,weoperateouronlinemarketplacethroughBeijing58.
InJanuary2023,weincorporatedChinaClassifiedNetw
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