Comment on 58.com and Ganji Confirm Merger: Consolidation of Chinese Internet Companies Continues by Used-Car Trading Platform Guazi Seals 200 Million USD Funding | Big Box of Money

['Emma Lee', 'More Emma Lee', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2015-04-18 00:00:00

New York-listed Chinese classified service 58.com has agreed to acquire a 43.2 percent stake in its arch-rival Ganji.com by issuing around 34 million shares and with US$412.2 million in cash. The merger will realize major cost, revenue, and strategic business synergies between the two companies, said 58.com CEO Yao Jinbo in a statement. In 2012, Youku and Tudou, two largest video streaming sites in China, have merged together. Baidu-backed iQiyi merged peer-to-peer video service PPS in 2013. But merger is only the first step of the long journey ahead, as 58.com and Ganji still have lots of overlapped businesses.