Baixing.com (百姓网), China’s third-ranked multi-category classifieds horizontal in terms of traffic (behind 58.com and Ganji.com), has accepted the resignation of its CFO, Gao Yifeng 高奕峰. He will continue in his role as a member of the company’s board of directors, and as the secretary of the board. 

Gao Yifeng 高奕峰

According to Wabei.cn, Gao is resigning for personal reasons. Baixing.com has confirmed that the handover to his successor is already underway, and day-to-day business will not be affected.

Under Gao’s watch, the company has been working to diversify its revenue base beyond classifieds, with new avenues in SaaS bringing in 20 million RMB ($3.14 million U.S.) in revenue in FY2017. Baixing has also been investing in everything from video content producers, wedding reception companies, and temping platforms.

The company’s annual revenue for FY2017 was 405 million RMB ($64.09 million U.S.) — an increase of 19.04 percent year-over-year. Net profit, however, was 30.38 million RMB ($4.81 million U.S.), up 169 percent year-over-year from 12.8 million RMB in FY2016. Net profit attributable to shareholders was given as 31.39 million RMB, an increase of 143.97 percent year-over-year.

Founded in 2005, Baixing became China’s second-ranked classifieds horizontal after 58.com (NYSE: WUBA) merged with former rival Ganji.com in 2015. The site has more than 1,367 regional and urban sub-sites.   

Chinese tech giant Baidu invested 220 million RMB in Baixing in late 2015 — in return for a 4.76-percent stake in the company — and directed the company toward its current listing on China’s OTC equity market, the NEEQ, in March 2016.

Although it is unlikely to challenge the long-term profit-making potential of 58.com, the company is carving out a relevant niche for itself as an asset-light Craigslist-style listings platform with a strong presence beyond China’s biggest cities. 

 

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