Tiger Global Boosts 58.com Stake ~ market folly

Wednesday, April 9, 2014

Tiger Global Boosts 58.com Stake

Chase Coleman and Feroz Dewan's hedge fund Tiger Global has filed a 13G on shares of 58.com (WUBA).  Per the filing, Tiger Global now owns 6.5% of the company with over 1.2 million ADR shares (equivalent to 2.5 million ordinary shares).

This means they've boosted their exposure from 300,000 ADR shares (WUBA) at the end of 2013 to over 1.2 million ADR shares now.  The filing was made due to activity on March 28th.

Just recently, we highlighted how John Burbank's Passport Capital was active in WUBA shares as well.

Per Google Finance, 58.com is "a holding company. The Company is an online marketplace serving local merchants and consumers in China through its Website www.58.com and mobile applications. Its online marketplace enables local merchants and consumers to connect, share information and conduct business. The Company’s online marketplace contains a range of information in approximately 380 cities, across diverse content categories, including housing, jobs, used goods, automotive, pets, tickets, yellow pages and other local services. Its online marketing services include listing services, such as real-time bidding and priority listing, and marketing services through collaboration with third-party Internet companies in China. The listings on its online marketplace cover a range of content categories, such as housing, jobs, used goods, automotive, tickets, homecare and relocation, renovation, wedding, business services, travel, education, food, beauty, entertainment, franchise, and other local services."

You can view other recent portfolio activity from Tiger Global here.

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