58.com Inc. (NYSE:WUBA) announced that the special committee (the "Special Committee") of the Company's board of directors (the "Board"), formed to evaluate and consider the previously announced preliminary non-binding acquisition proposal letter dated April 2, 2020 (the "Proposal") or any alternative strategic option that the Company may pursue, has retained Houlihan Lokey (China) Limited as its independent financial advisor and Fenwick & West LLP as its legal counsel to assist it in this process. The Board cautions the Company's shareholders and others considering trading the Company's securities that no decisions have been made with respect to the Proposal or any alternative strategic option that the Company may pursue. There can be no assurance that any definitive offer will be received, that any definitive agreement will be executed relating to the transaction contemplated by the Proposal or that any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to any transaction, except as required under applicable law.