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

John Burbank‘s Passport Capital has disclosed reducing its passive stake in 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 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 Inc (ADR) (NYSE:WUBA), holding 920,000 shares of class A common stock.

On March 28, 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, 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

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