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China’s 58.com Goes Public as It Seeks to Stay Ahead of Rivals

Published on October 31, 2013
by Paul Mozur

China’s equivalent of Craigslist raised $187 million from U.S. investors on Thursday to help it grapple with a new reality for online China: The days of easy growth are over.

58.com Inc. listed on the New York Stock Exchange with plans to spend the funds to improve customer service, acquire rivals and increase marketing. The initiatives will help in its mission to outmaneuver competitors and drum up new users for the company’s online classified-advertising service.

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