On June 16, 2020, 58.com Inc. announced that it has entered into a definitive Agreement and Plan of Merger with Quantum Bloom Group Ltd, an exempted company with limited liability incorporated under the law of the Cayman Islands (Parent) and Quantum Bloom Company Ltd, an exempted company with limited liability incorporated under the law of the Cayman Islands and a wholly-owned subsidiary of Parent (Merger Sub), pursuant to which, and subject to the terms and conditions thereof, Merger Sub will merge with and into the Company with the Company being the surviving company and becoming a wholly-owned subsidiary of Parent (the Merger), in a transaction implying an equity value of the Company of approximately US$8.7 billion in which the Company will be acquired by a consortium of investors (the Consortium). The Consortium includes Warburg Pincus Asia LLC, General Atlantic Singapore Fund Pte. Ltd., Ocean Link Partners Limited, Jinbo Yao, chairman of the board of directors and Chief Executive Officer of the Company, and Internet Opportunity Fund LP, an entity controlled by Jinbo Yao.