Tiger Global Updates 58.com Stake (WUBA) ~ market folly

Tuesday, August 11, 2015

Tiger Global Updates 58.com Stake (WUBA)

Chase Coleman's hedge fund Tiger Global has filed a 13G with the SEC regarding its stake in 58.com (WUBA).  Per the filing, Tiger Global now holds 6.3% of the company with over 13.18 million shares (via over 2.16 million ADR shares and over 8.84 million class A ordinary shares).

This is an increase in their net position size since the end of Q1, but there's a caveat here.  While it seems they've reduced their holdings in the ADR shares from 2.45 million shares down to 2.16 million, they now have exposure to class A shares (8.84 million shares).

It appears as though the bulk of this is due to the fact that Ganji.com has merged with 58.com and Tiger Global held a stake in Ganji as well via its venture capital arm. 

The new filing was made due to activity on August 6th.

We've also recently highlighted some other portfolio activity from Tiger Global here.

Per Google Finance, 58.com is "a holding company. The Company operates an online marketplace serving local merchants and consumers in China. The Company's online marketplace enables local merchants and consumers to connect, share information and conduct business. The Company's online marketplace contains local information in approximately 395 cities, across the content categories, including housing, jobs, used goods, automotive, pets, tickets, yellow pages and other local services. The Company conducts automatic and manual screening using its technology and processes. The Company's users post listings on its marketplace covering a range of services and products on its Website, www.58.com. The Company organizes the listings on its marketplace by content categories, such as jobs, housing, used goods, automotive, yellow pages, pets and tickets.."

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