Golden Pacer, a Chinese-based financing technology platform, recently partnered with both Unix Limited, one of China's biggest used car dealers, and 58.com, one of China's largest digital classified platforms.
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.
Read more here
Join us November 12-15 for the Property Portal Watch Conference Madrid 2019.