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PR Newswire

24Tidy acquired the world’s largest laundry factory during the economic recovery of Chinese consumer market

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SHANGHAI, April 30, 2020 /PRNewswire/ — On April 29th, 24Tidy (Shanghai) Network Technology Inc. announced its 950 million RMB acquisition of Tiantian Laundry (Guangzhou) Co., Ltd. in its strategy press conference in Beijing. As one of the largest online life services companies in China, 24Tidy has served over 12 million families with its excellent services that include laundry, flower, etc. Tiantian has been a famous brand in the laundry industry since 1991 and owns the largest centralized smart laundry factory in the world.

24Tidy completed the acquisition of the world's largest laundry factory with the early green shoots in Chinese market
24Tidy completed the acquisition of the world’s largest laundry factory with the early green shoots in Chinese market

While many industries are suffering during the epidemic, the online economy has experienced dramatic growth since the beginning of 2020. When people keeping stay at home because of COVID-19, online services have been used by more and more customers covering all ages in China. 

The founder of 24Tidy, Yao Zongchang said, “24Tidy and Tiantian Laundry had reached the agreement before the epidemic. The outbreak of COVID-19 accelerated our pace to restructure the whole industry while the increasing domestic demands also accelerated the strategic upgrading of 24Tidy.” The online laundry market remains a blue ocean area and obviously 24Tidy seized the timing to make the right move. 24Tidy has provided professional online washing and disinfection services for more than 1.5 million families with a remarkable growth performance since the outbreak of COVID-19. The average daily active users of 24Tidy App increased by 200% compared with the same period of last year with a continuous upward trend. Also, core technology like AI algorithm used to optimize user experience and customize service by analyzing diversified big data from user consumer behaviors, helps 24Tidy maintain its competitiveness.

There are more than 400 thousand laundry shops in China and most of them are operated by very traditional business mode with small production unit behind the front desk. The old way makes the business owners run the business inefficiently with high cost burden, unable to guarantee high quality of the service and also take great risks of potential pollution to the local communities. This acquisition will make 24Tidy fundamentally lead small laundry business owners to update their business model with empowerment by information system and centralized supply chain, and eventually to resolve those risky issues.

The epidemic will enhance public awareness of health and personal hygiene, which will advance customer’s preferences on professional washing and disinfection of clothing.

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PR Newswire

Tencent Music Completed Investment in Radio Music, a Leading Music-for-business Provider in China

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SHENZHEN, China, April 28, 2020 /PRNewswire/ — Tencent Music Entertainment (TME) (NYSE: TME) announced it has completed an equity investment in Radio Music Warehouse, a leading music company that provides music streaming solutions to business use in China, on April 27. TME has also obtained a right to further increase its shareholdings to controlling stake in the company. Upon completion of the transaction, TME will provide Radio Music with access to a rich and diversified music library to meet the personalized demands of its customers. At the same time, TME will promote and distribute its high quality music content, via the hundreds of thousand offline spots in China that is using Radio Music’s in-store music solutions.

Through business investments and other methods, TME is contributing to the recovery of normal business operations in China from the COVID-19 pandemic.

“Radio Music has a professional music-for-business service system and comprehensive offline coverage resources. Through this investment, we will jointly explore music-for-business market to add value to our music ecosystem,” said Tony Yip, Chief Strategy Officer of TME. “TME will offer more diversified music content to resolve the challenge of a shortage of content for music solutions to business, and develop brand-new content promotion and distribution models in to provide a stage for artists and high-quality work everywhere. We also look forward to a strong synergy between music-for-business service and our existing online music and social entertainment services, to bring users a more professional, immersive music experience that drives the healthy development of the music-for-business industry and the music industry as a whole. “

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PR Newswire

58.com Converted Profit Participation Right and Acquired Shares of Golden Pacer

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BEIJING, April 23, 2020 /PRNewswire/ — 58.com Inc. (NYSE: WUBA) (“58.com” or the “Company”), China’s largest online classifieds marketplace, today announced that it closed the transaction whereby it converted its profit participation right with respect to Golden Pacer into approximately 40.0% of the share capital of Golden Pacer. Golden Pacer is a leading financial technology platform in China, and the ultimate holding company of the financial services and other finance related business disposed by the Company in 2017. In September 2019, 58.com entered into definitive agreements to convert its profit participation right into equity stake of Golden Pacer and, in parallel, Golden Pacer entered into definitive agreements with Uxin Limited (“Uxin”), a leading national online used car dealer in China, pursuant to which Golden Pacer would acquire the loan facilitation related business from Uxin and Uxin would receive a certain number of shares of Golden Pacer as part of the consideration. Golden Pacer and Uxin now have entered into supplementary agreements to modify their transactions in light of the recent changes in the regulatory environment and the impact of COVID-19 outbreak and the two abovementioned transactions have been completed.

About 58.com Inc.

58.com Inc. (NYSE: WUBA) operates China’s largest online classifieds marketplace, as measured by monthly unique visitors on both its www.58.com website and mobile applications. The Company’s online marketplace enables local business users and consumer users 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 outbreak of COVID-19 or other health epidemics in China or globally; 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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PR Newswire

Sohu.com Announces Completion of Changyou Going-Private Transaction

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BEIJING, April 18, 2020 /PRNewswire/ — Sohu.com Limited (NASDAQ: SOHU) (“Sohu”), China’s leading online media, video, search and gaming business group, today announced that it has completed the acquisition of all of the outstanding shares of Changyou.com Limited (“Changyou”) that it did not already beneficially own, through the merger (the “Changyou Merger”) of an indirect wholly-owned subsidiary (“Changyou Merger Co.”) of Sohu with and into Changyou, with Changyou being the company surviving the Changyou Merger. As a result of the Changyou Merger, Changyou has become a private company wholly owned directly and indirectly by Sohu and the American depositary shares of Changyou (the “Changyou ADSs”), each of which represented two Changyou Class A ordinary shares (“Changyou Class A Ordinary Shares”), are no longer traded on the Nasdaq Global Select Market.

Pursuant to the plan of merger for the Changyou Merger, each Changyou Class A Ordinary Share issued and outstanding immediately prior to the effectiveness of the Changyou Merger, other than Changyou Class A ordinary shares owned beneficially by Sohu, was cancelled in exchange for the right to receive $5.40 in cash without interest, and each outstanding Changyou ADS was cancelled in exchange for the right to receive $10.80 in cash without interest (less $0.05 per ADS cancellation fees and other fees as applicable). Because Changyou Merger Co. owned over 90% of the voting power represented by all issued and outstanding shares of Changyou prior to the effectiveness of the Changyou Merger and the Changyou Merger was in the form of a short-form merger in accordance with section 233(7) of the Companies Law of the Cayman Islands, the Changyou Merger was not subject to a vote of the shareholders of Changyou.

In connection with the Changyou Merger, each outstanding and fully‑vested option (each, a “Vested Option”) to purchase Changyou Class A Ordinary Shares under Changyou’s share incentive plans was cancelled, and each holder of a Vested Option has the right to receive an amount in cash determined by multiplying (x) the excess, if any, of $5.40 over the applicable exercise price of such Vested Option by (y) the number of Changyou Class A Ordinary Shares underlying such Vested Option; and each outstanding but unvested option (each, an “Unvested Option”) to purchase Changyou Class A Ordinary Shares under Changyou’s share incentive plans will remain outstanding and continue to vest following the effectiveness of the Changyou Merger in accordance with the applicable Changyou share incentive plan and award agreement governing such Unvested Option in effect immediately prior to the effectiveness of the Changyou Merger.

Changyou has requested that trading of Changyou ADSs on the Nasdaq Global Select Market be suspended, and that the Nasdaq Stock Market LLC (“Nasdaq”) file with the Securities and Exchange Commission (the “SEC”) a Form 25 notifying the SEC of Nasdaq’s withdrawal of the Changyou ADSs from listing on Nasdaq and intention to withdraw the Changyou Class A Ordinary Shares from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Changyou has informed Sohu that it intends to file with the SEC, ten days after Nasdaq files the Form 25, a Form 15 suspending Changyou’s reporting obligations under the Exchange Act and withdrawing the registration of Changyou Class A Ordinary Shares under the Exchange Act. Changyou’s obligations to file with or furnish to the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration of Changyou Class A Ordinary Shares becomes effective.

China Renaissance, through its subsidiary CRP-Fanya Investment Consultants (Beijing) Limited, has served as financial advisor to Sohu in connection with the Changyou Merger; Goulston & Storrs PC has served as U.S. legal counsel to Sohu; and Han Kun Law Offices has served as PRC legal counsel to Sohu.

Houlihan Lokey (China) Limited has served as financial advisor to the committee of independent and disinterested directors established by Changyou’s board of directors (the “Changyou Special Committee”) to review and evaluate the Changyou Merger; and Skadden, Arps, Slate, Meagher & Flom LLP has served as U.S. legal counsel to the Changyou Special Committee.

Conyers Dill & Pearman has advised as to Cayman Islands legal matters with respect to the Changyou Merger.

About Sohu

Sohu is China’s premier online brand and indispensable to the daily life of millions of Chinese, providing a network of web properties and community based/web 2.0 products which offer the vast Sohu user community a broad array of choices regarding information, entertainment and communication. Sohu has built one of the most comprehensive matrices of Chinese language web properties and proprietary search engines, consisting of the mass portal and leading online media destination www.sohu.com; interactive search engine www.sogou.com; developer and operator of online games www.changyou.com and the online video website tv.sohu.com.

Sohu’s corporate services consist of online brand advertising on Sohu’s matrix of websites as well as bid listing and home page on its in-house developed search directory and engine. Sohu also provides multiple news and information services on mobile platforms, including Sohu News App and the mobile news portal m.sohu.com. Sohu’s online game subsidiary Changyou develops and operates a diverse portfolio of PC and mobile games, such as Tian Long Ba Bu (“TLBB”), one of the most popular PC games in China. Changyou also owns and operates the 17173.com Website, a game information portal in China. Sohu’s online search subsidiary Sogou (NYSE: SOGO) has grown to become the second largest search engine by mobile queries in China. It also owns and operates Sogou Input Method, the largest Chinese language input software. Sohu, established by Dr. Charles Zhang, one of China’s internet pioneers, is in its twenty-fourth year of operation.

For investor and media inquiries, please contact:

In China:

In the United States:

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Source: Sohu.com Ltd.

PR Newswire

Changyou.com Announces Completion of Going-Private Transaction

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BEIJING, April 18, 2020 /PRNewswire/ — Changyou.com Limited (“Changyou”) (NASDAQ: CYOU), a leading online game developer and operator in China, today announced the completion of the merger (the “Changyou Merger”) contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated January 24, 2020, by and among Changyou; Sohu.com (Game) Limited (“Sohu Game”), an indirectly wholly-owned subsidiary of Sohu.com Limited (“Sohu”) (NASDAQ: SOHU); and Changyou Merger Co. Limited (“Changyou Merger Co.”), a direct wholly-owned subsidiary of Sohu Game, in which Changyou Merger Co. merged with and into Changyou effective April 17, 2020 (the “Effective Time”), with Changyou being the surviving company. As a result of the Changyou Merger, Changyou has become a private company wholly owned directly and indirectly by Sohu and the American depositary shares of Changyou (the “ADSs”), each of which represented two Changyou Class A ordinary shares (“Class A Ordinary Shares”), are no longer traded on the Nasdaq Global Select Market.

Pursuant to the plan of merger for the Changyou Merger, (i) each Class A Ordinary Share issued and outstanding immediately prior to the Effective Time, other than shares held beneficially by Sohu (the “Excluded Shares”), was cancelled in exchange for the right to receive $5.40 in cash without interest, and (ii) each outstanding ADS, other than the ADSs representing the Excluded Shares, was cancelled in exchange for the right to receive $10.80 in cash without interest (less $0.05 per ADS cancellation fees and other fees as applicable). Pursuant to the Merger Agreement, at the Effective Time, (i) each outstanding and fully‑vested option (each, a “Vested Option”) to purchase Class A Ordinary Shares under Changyou’s share incentive plans was cancelled, and each holder of a Vested Option has the right to receive an amount in cash determined by multiplying (x) the excess, if any, of $5.40 over the applicable exercise price of such Vested Option by (y)  the number of Class A Ordinary Shares underlying such Vested Option, and (ii) each outstanding but unvested option (each, an “Unvested Option”) to purchase Class A Ordinary Shares under Changyou’s share incentive plans will remain outstanding and continue to vest following the Effective Time in accordance with the applicable Changyou share incentive plan and award agreement governing such Unvested Option in effect immediately prior to the Effective Time.

Because Changyou Merger Co. owned over 90% of the voting power represented by all issued and outstanding shares of Changyou prior to the effectiveness of the Changyou Merger and the Changyou Merger was in the form of a short-form merger in accordance with section 233(7) of the Companies Law of the Cayman Islands, the Changyou Merger was not subject to a vote of the shareholders of Changyou.

Changyou has requested that trading of Changyou ADSs on the Nasdaq Global Select Market be suspended, and that the Nasdaq Stock Market LLC (“Nasdaq”) file with the Securities and Exchange Commission (the “SEC”) a Form 25 notifying the SEC of Nasdaq’s withdrawal of the Changyou ADSs from listing on Nasdaq and intention to withdraw the Class A Ordinary Shares from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Changyou has informed Sohu that it intends to file with the SEC, ten days after Nasdaq files the Form 25, a Form 15 suspending Changyou’s reporting obligations under the Exchange Act and withdrawing the registration of the Class A Ordinary Shares under the Exchange Act. Changyou’s obligations to file with or furnish to the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration of the Class A Ordinary Shares becomes effective.

Houlihan Lokey (China) Limited has served as financial advisor to the committee of independent and disinterested directors established by Changyou’s board of directors (the “Changyou Special Committee”) to review and evaluate the Changyou Merger; and Skadden, Arps, Slate, Meagher & Flom LLP has served as U.S. legal counsel to the Changyou Special Committee.

China Renaissance, through its subsidiary CRP-Fanya Investment Consultants (Beijing) Limited, has served as financial advisor to Sohu in connection with the Changyou Merger; Goulston & Storrs PC has served as U.S. legal counsel to Sohu; and Han Kun Law Offices has served as PRC legal counsel to Sohu.

Conyers Dill & Pearman has advised as to Cayman Islands legal matters with respect to the Changyou Merger.

About Changyou

Changyou is a leading developer and operator of online games in China with a diverse portfolio of popular online games, such as Tian Long Ba Bu (“TLBB”), one of the most popular PC games in China, as well as a number of mobile games. Changyou also owns and operates the 17173.com Website, a leading game information portal in China. Changyou began operations as a business unit within Sohu in 2003, and was carved out as a separate, stand-alone company in December 2007. Changyou has an advanced technology platform that includes advanced 2.5D and 3D graphics engines, a uniform game development platform, effective anti-cheating and anti-hacking technologies, proprietary cross-networking technology and advanced data protection technology. For more information, please visit http://ir.changyou.com/.

For investor and media inquiries, please contact:

In China:
Mr. Yujia Zhao
Investor Relations
Tel: +86 (10) 6192-0800
E-mail: ir@cyou-inc.com

In the United States:
Ms. Linda Bergkamp
Christensen
Phone: +1 (480) 614-3004
E-mail: lbergkamp@ChristensenIR.com

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