58.com Announces Management Change

BEIJING, Nov. 29, 2016 /PRNewswire/ -- 58.com Inc. (NYSE: WUBA) ("58.com"), China's largest online marketplace serving local merchants and consumers, today announced that an Executive Vice President Mr. Chuan Zhang has tendered his resignation, effective November 29, 2016. Mr. Zhang's resignation was not due to any disagreement with the Company regarding its business, finance, accounting and/or any other affairs. Mr. Zhang will work with the Company to ensure a smooth transition with his successors.

Mr. Zhang's responsibilities will be taken over by Mr. Hongyu Xing, Chief Technology Officer, Mr. Jiandong Zhuang, Executive Vice President, Mr. Mingke He, Senior Vice President, and certain vice presidents.

Mr. Michael Jinbo Yao, Chairman and CEO of 58.com commented, "I'd like to sincerely thank Chuan for his loyalty and contribution to the Company over the past five years. We wish him all the best in his future endeavors. We have been strengthening our senior management teams through external hiring and internal promotions in the past several years and we will continue to do that. I have the upmost confidence in our current management team and their ability to efficiently manage their respective business units."

About 58.com Inc.

58.com Inc. (NYSE: WUBA) operates China's largest online marketplace serving local merchants and consumers, as measured by monthly unique visitors on both its www.58.com website and mobile applications. The Company's online marketplace enables local merchants and consumers to connect, share information and conduct business. 58.com's broad, in-depth and high quality local information, combined with its easy-to-use website and mobile applications, has made it a trusted marketplace for consumers. 58.com's strong brand recognition, large and growing user base, merchant network and massive database of local information create a powerful network effect. For more information on 58.com, please visit http://www.58.com.

Safe Harbor Statements

This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. 58.com may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about 58.com's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: 58.com's goals and strategies; its future business development, financial condition and results of operations; its ability to retain and grow its user base and network of local merchants for its online marketplace; the growth of, and trends in, the markets for its services in China; the demand for and market acceptance of its brand and services; competition in its industry in China; its ability to maintain the network infrastructure necessary to operate its website and mobile applications; relevant government policies and regulations relating to the corporate structure, business and industry; and its ability to protect its users' information and adequately address privacy concerns. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and 58.com does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

58.com Inc.
ir@58.com

Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

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SOURCE 58.com