On Wednesday, Shares of 58.com Inc (ADR) (NYSE:WUBA), gained 5.50% to $57.34.
58.com Inc., declared its plan to spin off (the “Spin-off”) one of its auxiliaries, Guazi.com Inc. (“Guazi”), which operates 58.com’s consumer-to-consumer (C2C) used car trading platform, to enable potential faster growth of the platform.
Following an independent third-party valuation assessment, 58.com has reached a definitive agreement to divest a controlling ownership stake in Guazi to Mr. Mark Haoyong Yang, co-Chairman and co-CEO of 58.com, in exchange for a cash injection from Mr. Yang into Guazi. Following the injection, 58.com will retain an estimated 46% stake in Guazi. Mr. Yang, the founder, former Chairman and CEO of Ganji.com, will serve as Chairman and CEO of Guazi and has resigned from his position as the Co-CEO of 58.com, effective right away, but will remain the co-Chairman of 58.com’s board of directors. The Spin-off is predictable to be accomplished in the near future.
Founded in 2014, Guazi is a rapidly growing C2C used car trading platform which directly links individual car sellers and buyers. Fragmentation and lack of credibility are key weaknesses in recently’s used car market in China. To build credibility and improvement buyer confidence, Guazi lists used cars that have been certified by its highly practiced technicians and certification professionals. Guazi also provides a full suite of value-added after-sales services, counting vehicle financing and auto insurance. Guazi’s services covered 40 cities in China as of September 2015. Guazi believes that it offers higher quality used car inventory and better service contrast with rival platforms.
58.com Inc. operates an online marketplace for local merchants and consumers in the People’s Republic of China. Its online marketplace enables local merchants and consumers to connect, share information, and conduct business.
Shares of Devon Energy Corp (NYSE:DVN), declined -1.37% to $45.91, during its last trading session.
Devon Energy Corp., declared that Howard J. Thill, senior vice president of communications and investor relations, will present at the Capital One Securities Annual Energy Conference on Thursday, Dec. 10, 2015, at 9:40 a.m. CT (10:40 a.m. ET).
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids (NGLs) in the United States and Canada.
Finally, Shares of TASER International, Inc. (NASDAQ:TASR), ended its last trade with -0.21% loss, and closed at $19.27.
TASER International, declared the selection of the Axon body-worn video platform by the London Metropolitan Police Service. The new cameras will be deployed to all frontline officers. Final contract details are still being negotiated at this time.
Led by the Mayor’s Office of Policing and Crime (MOPAC), the Metropolitan Police accomplished a 12-month pilot earlier this year using 1,000 of TASER’s Axon body-worn cameras. The world’s largest trial of body cameras to date was considered a success and a research study conducted by MOPAC and the College of Policing found that introducing the cameras resulted in a 33-percent reduction in complaints against officers.
“This is a hugely exciting moment for both TASER and its Axon technology platform. We’re driving a global trend toward smarter, more transparent policing and we’re beyond thrilled to be pushing new boundaries forward with one of the largest and most well respected police forces in the world,” said TASER CEO and Founder Rick Smith. “Our Axon platform is now the most widely used body camera and digital evidence administration solution in law enforcement, providing new and innovative ways to maximize officer safety while enhancing the level of trust of citizens through the collection of video evidence.”
TASER International, Inc. develops, manufactures, and sells conducted electrical weapons (CEWs) worldwide. It operates through two segments, TASER Weapons and AXON. The company’s CEW products transmit electrical pulses along the wires and into the body affecting the sensory and motor functions of the peripheral nervous system.