Passport Capital Cuts Its Passive Stake in 58.com Inc (ADR) (WUBA)

John Burbank‘s Passport Capital has disclosed reducing its passive stake in 58.com Inc (ADR) (NYSE:WUBA). In an amended filing with the Securities and Exchange Commission, Passport Capital revealed owning 2.0 million class A ordinary shares held via 1.0 million ADR shares, down from 3.27 million shares disclosed earlier. The current position equates to 5.1% of class.

John Burbank PASSPORT CAPITAL

58.com Inc (ADR)(NYSE:WUBA) is a small capped  internet information provider based out of China and has a market capitalization of $3.36 billion. In December 2013, Robert Karr’s Joho Capital disclosed a new position in 58.com Inc (ADR) (NYSE:WUBA), holding 920,000 shares of class A common stock.

On March 28, 58.com Inc (ADR) (NYSE:WUBA) announced the pricing of its registered follow-on public offering of American depositary shares (ADSs) by the company and certain selling shareholders. The offering was priced at $38.00 per ADS, and the company will issue and sell 2.0 million ADSs, while the selling shareholders will sell an aggregate of 4.0 million ADSs. The selling shareholders have granted the underwriters a 30-day option to purchase up to an aggregate of 900,000 additional ADSs.

For fourth-quarter 2013, 58.com Inc (ADR) (NYSE:WUBA) reported total revenues of $45.3 million, an 83.2% increase from the same period in 2012. The company’s net income was $10.8 million, compared with a net loss of $4.8 million in the same quarter of 2012. In fiscal-year 2013, the company’s total revenues were $145.7 million, representing a 67.3% increase from the fiscal year 2012. For fiscal-year 2013, the company reported net income of US$19.6 million, compared with a net loss of $30.4 million in 2012.

Passport Capital is a San Francisco-based global investment firm that was founded by John Burbank in 2000. According to its most recent 13F, the total value of the fund’s equity portfolio was around $2.9 billion. Cytec Industries Inc (NYSE:CYT) is represented as the most valuable holding, in which Passport Capital reported ownership of 2.05 million shares, with a reported value of $191.2 million. The next position is SouFun Holdings Ltd (NYSE:SFUN), in which the fund disclosed holding 2.23 million shares, up from 1.09 million shares held at the end of the third quarter.

Disclosure: none

Recommended reading:

Why is John Burbank Buying the ‘Craigslist of China’?

John Burbank, Passport Capital Disclose Large Passive Stake in 58.com

John Burbank, Passport Capital Add to Position in 58.com

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

The Top 10 Most Expensive Digital Cameras to Snap Stunning Shots With

The 10 Highest Quality Fast Food Restaurants In America Today

The 8 Best Halloween Decorating Ideas to Spook Up Your House

10 Marvel Women that Should Get a Movie Right Now

The 20 Best Remixes of Popular Songs that Will Make You Forget the Originals

7 Most Expensive Cities in the World

5 Least Expensive Cities in the World

10 Celebrities Who Believe In Scientology

10 High Margin Food Products to Build a Business Around

The 10 Most Expensive Clothing Stores in the United States to Get Decked Out At

The 5 Biggest Kickstarter Scams That Swindled Backers’ Donations

The 10 Most Expensive Boarding Schools In the World

50 Crazy Facts About Japan You Won’t Believe

Top 10 Least Expensive Hybrid Cars to Save the Planet With

The 10 Biggest ‘Gate’ Controversies in History

The 10 States with the Highest Nursing Shortages Leaving Their Hospitals Depleted

The 10 Best Value Investment Blogs that Every Investor Must Read

The 6 Cheapest Boarding Schools in Europe 2015

The 5 Most Expensive Cars To Insure in the World

The 10 Most Common Genetically Modified Foods

10 Self-Made Billionaires Who Came From Nothing

The 10 Most Expensive Cities to Live in North America

The 13 Most Expensive Headphones in the World to Represent

The Top 20 Wealthiest Soccer Teams in 2014

4 BuzzWorthy Cannabis Stocks And Some Smoking Derivative Plays

The 10 Healthiest Fast Food Chains in America to Dine At

The 5 Most Expensive Cat Food Brands You Can Spoil Your Kitty With

The 6 Best eCommerce Platforms for Small Businesses

The 10 Worst Mistakes an Entrepreneur Can Make

The 5 Most OP Characters in League of Legends to Carry Games and Crush Foes With

The 5 Best Foods to Eat Before Running that Will Help You Pound the Pavement

10 Glaring Plot Holes in The Walking Dead that a Zombie-Filled Bus Could Drive Through

The 5 Biggest Celebrity Stoners Who Love Their Reefer

The 10 Most Overrated Movies Of All Time by Out-of-Touch Critics

Top 6 Least Expensive Cruise Destinations For 2015 that Will Take You to Paradise

10 States with Lowest Substance Abuse Rates in America

The 14 Most Watched TV Finales Ever

The 10 Best Selling Role Playing Games of All Time for PC

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

Top 6 Cities For The Ultra Rich to Live in Comfort

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

How to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!