NEW YORK, Sept. 30 (Xinhua) -- Golden Pacer, a Chinese financial technology (fintech) platform, has entered into definitive agreements separately with 58.com, China's largest online market place for classifieds, and Uxin Limited, a leading Chinese online used car dealer, the two companies announced on Monday.
Under the agreements, 58. com will acquire a certain number of shares of Golden Pacer by converting the former's profit participation right with respect to the financial services and other finance related business disposed by the company in 2017 to equity stake in Golden Pacer.
Upon completion of the transactions, 58.com will hold approximately 32.6 percent of the share capital of Golden Pacer. The transactions are expected to close by the end of 2019.
As for Uxin, the used car dealer will divest its entire 2C (to-customer) intra-regional business to Golden Pacer, and cease to provide guarantee services in connection with its 2C cross-regional business, and thus divest the corresponding assets and liabilities.
In return, the company will receive an aggregate of 100 million U.S. dollars cash from Golden Pacer and certain preferred shares of the latter representing approximately 18.4 percent of its share capital.
Shares of 58.com rose nearly 0.7 percent around midday. As of Monday noon, the company was valued at 7.3 billion dollars.
Shares of Uxin lost nearly 3.4 percent around midday. As of Monday noon, the company was valued at over 711.8 million dollars.
