market folly

John Burbank's hedge fund firm Passport Capital has filed an amended 13G with the SEC regarding their stake in 58com (WUBA).  Per the filing, Passport now owns 5.1% of the company with 2 million shares (held via 1 million ADR shares).

This means they've reduced their position from 1.6 million ADR shares at the end of December.  The filing was made due to activity on March 28th.

Chinese internet companies have been a big portfolio theme for Passport as of late.  We originally disclosed Passport's WUBA stake in November.

WUBA has sold off from a high of $58.89 down to as low as $36.86 over the past month.  Shares have since rebounded back to $45.26.

Per Google Finance, 58.com is "a holding company. The Company is an online marketplace serving local merchants and consumers in China through its Website www.58.com and mobile applications. Its online marketplace enables local merchants and consumers to connect, share information and conduct business. The Company’s online marketplace contains a range of information in approximately 380 cities, across diverse content categories, including housing, jobs, used goods, automotive, pets, tickets, yellow pages and other local services. Its online marketing services include listing services, such as real-time bidding and priority listing, and marketing services through collaboration with third-party Internet companies in China. The listings on its online marketplace cover a range of content categories, such as housing, jobs, used goods, automotive, tickets, homecare and relocation, renovation, wedding, business services, travel, education, food, beauty, entertainment, franchise, and other local services."