58com-backed Zhuan Zhuan to acquire Shenzhen Wanshifu Technology for $51m and c. 50% of Zhuan Spirit Holdings shares.

58com-backed Zhuan Zhuan, an online used goods trading platform, agreed to acquire Shenzhen Wanshifu Technology, an online platform for used mobile phones and accessories in China that operates the Zhaoliangji app, for $51m and c. 50% of Zhuan Spirit Holdings shares. "We believe that the combined horizontal and vertical model provides unparalleled strengths for classifieds marketplaces. We intend to replicate the proven success we had with the combination of 58com, a horizontal classifieds and Anjuke, an online housing vertical acquired in 2015. We believe Zhuan Zhuan, a horizontal used goods platform, and Zhaoliangji, a used cell phone vertical, will create another powerful combination," Michael Jinbo Yao, 58com Chairman and CEO.