58.com Acquires 70% Stake in Leftbrain for RMB 100M

58.com Inc. WUBA today announced that it agreed to acquire a 70% equity stake in Leftbrain, a technology company that is listed on China's National Equities and Exchange and Quotation, for a total consideration of RMB100 million in cash. Leftbrain owns and operates AutoComment (www.xgo.com.cn), a major automotive information website and service platform in China. Subject to customary closing conditions, the transaction is expected to close in the near future. Founded in Beijing in 2007, AutoComment provides comprehensive and independent interactive content to automobile buyers and owners in China. With its large user base, AutoComment has become a preferred advertising platform for auto manufacturers and dealerships seeking to promote their brands, new model releases and sales promotions. AutoComment also offers auto dealers a fee-based subscription services that allows them to promote their cars to a targeted online audience. AutoComment ranked among the top 5 of China's automotive websites in terms of traffic in 2014, according to iResearch. In addition to its automotive business, Leftbrain also provides mobile phone and consumer electronics information to users through its Cellphone China platform (www.cnmo.com). Mr. Michael Jinbo See full press release