2017 China Media Overview – Mobile Internet

Mobile Internet

Summary：

• As of December 2017, the number of China's mobile Internet users reached 753 million, an increase of 57.34 million over the end of 2016. The proportion of netizens using mobile phones continues to climb to 97.5%.

• In 2017, the total number of monthly active devices of China’s Mobile Internet was stable at more than 1 billion, but the year-on-year growth rate showed a declining trend month by month, which indicated that the demographic dividend was almost exhausted.

• From 2015 to 2017, China’s mobile intelligent terminal has been continuously penetrating in third-tier cities and below. Mobile Internet has been widely used.

• In Dec 2017, the proportion of female mobile intelligent terminal users increased slightly to 46.8%. Moreover, China’s mobile intelligent terminal users were still dominated by young people. The proportion of users under 35 years old accounted for 69.9%. However, the proportion of users aged over 36 years old continued to rise. Mobile intelligent terminal users from Top 10 provinces of China accounted for nearly 60% of the total. Among them, Guangdong, Jiangsu, Henan have the highest proportion of users.

Summary：

• In 2017, the monthly using time of China’s mobile Internet users grew slowly. The per capita daily using time has only increased by 8.7 minutes, showing that the dividend period of Internet has passed.

• In popular industries such as social networking, shopping, music, news and video, the concentration ratio of users’ using time of the TOP3 Apps of these industries are over 50%, especially in mobile social networking.

• In December 2017, China’s mobile Internet users spent the longest time in social network Apps among all types of Apps, with the average daily using time reaching more than 2 hours. Next came online video, news and information.

• Of the total time spent by mobile Internet users in using apps, WeChat accounted for a quarter, much longer than other apps. Followed by Tencent video and QQ, accounted for 4.3% and 4.1% respectively.

The quarterly growth rate of China’s mobile intelligent terminals slowed down. In the forth quarter of 2017, the number of China’s mobile intelligent terminal increased to 1.42 billion, a year-on-year growth rate of 0.9%.

2016Q1-2017Q4 Scale of China’s Mobile Intelligent Terminal

Scale of Mobile Intelligent Terminal(Billion) Growth Rate 2.0 3.0%

1.8 2.5% 2.5% 1.6 1.37 1.38 1.39 1.41 1.42 1.4 1.31 1.33 1.35 2.0% 1.2 1.5% 1.0 1.4% 1.5% 1.2% 1.1% 0.8 1.0% 0.9% 0.9% 1.0% 0.6

0.4 0.5% 0.2

0.0 0.0% 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4

As of December 2017, the number of China's mobile Internet users reached 753 million, an increase of 57.34 million over the end of 2016. The proportion of netizens using mobile phones continues to climb to 97.5%.

2007-2017 China Mobile Internet Users

Mobile Internet Users (Million) Proportion among Total Internet Users 97.5% 900 95.1% 100% 90.1% 85.8% 90% 800 81.0% 752.65 695.31 700 74.5% 80% 69.3% 619.81 66.2% 70% 600 60.8% 556.78 500.06 60% 500 419.97 50% 400 39.5% 355.58 302.74 40% 300 24.0% 233.44 30% 200 117.60 20% 100 50.40 10%

0 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

By the end of 2017, Mobile intelligent terminal users from Top 10 provinces of 2017 TOP 10 Provinces of China’s Mobile China accounted for nearly 60% of the total. Intelligent Terminal Users

Among them, Guangdong, Jiangsu, Henan Guangdong 11.8% have the highest proportion of users. Jiangsu 7.4%

2017 Proportion of Provinces of China’s Henan 6.3%

Mobile Intelligent Terminal Users Shandong 6.3%

Zhejiang 5.8%

Sichuan 4.8%

Hebei 4.8%

Hubei 4.0%

Beijing 3.8%

Hunan 3.7%

From 2015 to 2017, China’s mobile intelligent terminal has been continuously penetrating in third- tier cities and below. Mobile Internet has been widely used.

City Distribution and Change of China’s Mobile Intelligent Terminal Users First-tier City Second-tier City Third-tier City and Below

100%

80% 49.3% 53.2% 62.9% 60%

40% 32.6% 30.0% 24.8% 20%

18.1% 16.8% 12.3% 0% 2015.12 2016.12 2017.12

In Dec 2017, the proportion of female mobile intelligent terminal users increased slightly to 46.8%.

Gender Ratio of China’s Mobile Intelligent Terminal Users （2016.12 VS 2017.12） Male Female

53.9% 53.2% 2017.12 46.8% 2016.12 46.1%

In 2017, China’s mobile intelligent terminal users were still dominated by younger people. The proportion of users under 35 years old accounted for 69.9%. However, the proportion of users aged over 36 years old continued to rise.

Age Structure of China’s Mobile Intelligent Terminal Users （2016.12 VS 2017.12） Below 26 26-35 36-45 46-55 Above 55

5.1% 10.4% 4.0% 10.0% 34.5% 35.6% 14.6% 14.5% 2016.12 2017.12

35.9%

35.4%

In the first half of 2017, domestic mobile phone brand OPPO has surpassed Apple, becoming the No.1 brand in terms of the number of smartphone ownership.

2017 H1 Smartphone Ownership TOP 15

OPPO 19.5% Apple 19.0% Vivo 14.9% Huawei 12.9% Mi 6.2% Samsung 5.3% Honor 4.4% MEIZU 3.4% GIONEE 2.0% Le 1.5% Coolpad 1.0% Lenovo 1.0% Hisense 0.5% ZTE 0.4% Nubia 0.4% Others 7.3% Source: Trustdata © 2017 Beyond Summits 11

In 2017, the monthly using time of China’s mobile Internet users grew slowly. The per capita daily using time has only increased by 8.7 minutes, showing that the dividend period of Internet has passed.

China’s Mobile Internet Users’ Monthly China’s Mobile Internet Users’ Per Using Time (Hundred Billion Minute) Capita Daily Using Time (Minute)

80 300

68.02 250 236.80 61.67 228.10 60 200

40 150

100 20 50

0 0 2016.12 2017.12 2016.12 2017.12

The total number of China’s Apps exceeds 4.06 million. Seen from users' usage demands, 35 Apps are enough to meet the diversified demands of 80% of users.

Number of APPs Installed by China’s Mobile Internet Users Dec-16 Dec-17

40%

30% 26.7% 27.0% 26.0% 25.4% 26.0% 23.9%

20%

12.0% 12.9% 9.8% 10.2% 10%

0% <16 16-25 26-35 35-45 >45

The concentration ratio of users’ using time of the TOP3 Apps in popular industries, such as social networking, shopping, music, news and video, are over 50%, especially in mobile social networking.

2017 APP Users’ Concentration Ratio of Using Time in Main Industries

100%

30.2% 80% 48.3% 55.9% 69.7% 65.7% 60% 85.1% 96.2%

40%

20%

0% Mobile Social Mobile Shopping Mobile Music Information Mobile Video Mobile Game Digital Reading

Compared with the total Internet users, the number of Apps used by post-00s and post-90s were larger.

Average Number of Apps Used by China’s Mobile Internet Users Dec-16 Dec-17

25 21.9 20.5 19.6 20 19.4 17.0 15.8 15.7 14.6 15 13.4 12.3

0 Total Internet Users Post-00s Post-90s Post-80s Post-70s and Before

Younger people are more willing to try new things. The proportion of post-90s installing more than 45 apps was much higher than that of other age groups.

2017 Number of APPs Installed by Internet Users of Different Ages

100% 11.6% 12.1% 9.0% 7.8% 10.2% >45 9.7% 10.8% 12.9% 80% 13.5% 15.3%

24.0% 36-45 26.1% 27.0% 60% 28.0% 26.7% 26-35 24.8% 40% 27.5% 23.9% 25.4% 22.5% 16-25 20%

<16 21.6% 23.4% 26.6% 33.7% 26.0% 0% Post 00s Post 90s Post 80s Post 70s and Before Total Internet Users

With the continuous penetration of the mobile Internet, the monthly per capita using time of China’s mobile Internet users reached 104.5 hours in December 2017. Among them, post-00s and post-90s’ using time were much longer, with post-00s’ using time increasing most.

China’s Mobile Internet Users’ Per Capita Monthly Using Time (Hour) Dec-16 Dec-17

160 139.8 140 131.4 118.2 121.2 120 100.7 104.5 100 89.6 92.5 89.2 85.0 80

0 Total Internet Users Post 00s Post 90s Post 80s Post 70s and Before

In 2017, the total number of monthly active devices of China’s Mobile Internet was stable at more than 1 billion, but the year-on-year growth rate showed a declining trend month by month, which indicated that the demographic dividend was almost exhausted.

2017 Jan-Dec The Number of Monthly Active Devices of Mobile Internet

Monthly Active Devices (Billion) Growth Rate 2.0 20% 17.1% 1.8 16.5% 18% 15.9% 1.6 15.0% 16% 13.9% 1.4 13.2% 14% 11.8% 1.2 10.7% 12% 1.0 9.2% 10% 8.1% 0.8 8% 6.8% 6.3% 0.6 6% 1.024 1.031 1.039 1.045 1.054 1.057 1.061 1.067 1.073 1.077 1.079 1.085 0.4 4% 0.2 2% 0.0 0% Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec

In 2017, the coverage rate of leading apps of the mobile Internet was relatively high. The Top 5 apps in the sub-industries have covered the mainstream users of the industry.

Coverage Rate of Mobile APPs in TOP 5 Sub-Industries in 2017

50%

40% 38.3%

30.9% 30% 28.5%

19.0% 20% 16.8%

10%

0% Communication & Social Online Shopping Online Traveling Video News

In December 2017, China’s mobile Internet users spent the longest time in social network Apps among all types of Apps, with the average daily using time reaching more than 2 hours. Next came online video, news and information.

2017.12 China’s Mobile Internet Users’ Average Daily Spending Time in TOP 10 APPs

Social Network 152.7

Online Video 28.7

News & Information 12.6

Online Shopping 11.1

Mobile Game 9.9

Digital Music 5.5

Travel 4.2

Digital Reading 3.3

Financing 1.9

Life & Leisure 1.6

Of the total time spent by mobile Internet users in using apps, WeChat accounted for a quarter, much longer than other apps. Followed by Tencent video and QQ, accounted for 4.3% and 4.1% respectively.

2017.6 Proportion of Mobile Internet Users’ Time Spent in TOP 10 APPs

30%

24.7% 25%

20%

15%

10%

5% 4.3% 4.1% 3.6% 2.1% 1.8% 1.6% 1.6% 1.3% 1.2% 1.0% 1.0% 0% WeChat Tencent Video QQ Iqiy Toutiao King Glory Mobile Baidu UC Web Kuaishou QQ Web Mobile Taobao Youku

Differences of men and women were also reflected in the choice of apps. The most popular application among male users was Momo, while female users were more fond of apps which can take photos or PS, such as Meitu and Faceu. 2017.12 Male Users’ APP Preference TOP 10 2017.12 Female Users’ APP Preference TOP 10

APP Name APP Preference Index 应用名称 APP Preference Index

Momo 65.1 Meitu 74.1

UC Web 64.5 Faceu 74.0

Xunlei 64.2 B612 Snowcam 72.3

Auto Home 64.1 Hunan TV 71.8

JD.com 63.6 Meiyan 70.8

ICBC 63.5 Zuoyebang 70.8

JD Finance 63.4 QQ Tu 68.8

CCB 63.2 QQ Xxl 66.7

QQ Pim 63.2 Meipai 66.6

Didi Chuxing 63.1 Meiyou 65.3

The apps preferred by mobile Internet users of all ages have more prominent features. Primary and middle school students under the age of 15 preferred Zuoyebang, and 36-45 years old mobile Internet users who have become parents preferred to use Zuoyebang and 17 Zuoye, while users aged from 16-25 years old preferred Arena of Valor. 2017.12 Users’ APP Preference TOP 5 (0-15 Years Old) 2017.12 Users’ APP Preference TOP 5 (16-25 Years Old) APP Name APP Preference Index APP Name APP Preference Index Zuoyebang 92.2 Arena of Valor 84.5 QQ Music 88.0 QQ Music 81.6 QQ KG 86.0 Kuaishou 81.5 UC Web 83.8 Sina Weibo 81.5 Kuaishou 83.4 163 Music 80.1

2017.12 Users’ APP Preference TOP 5 (26-35 Years Old) 2017.12 Users’ APP Preference TOP 5 (36-45 Years Old) APP Name APP Preference Index APP Name APP Preference Index Pay for it 62.4 Zuoyebang 85.0 CMB China 60.3 17 Zuoye 76.1 Didi Ower 59.6 QQ Open 73.9 Rong 360 58.8 Baidu APP 73.3 Weshare 58.8 Zhushou 360 72.6

The mobile Internet users in the first-tier and new first-tier cities preferred sharing traveling apps, such as Didi, ofo, and Mobike. However, users in the third-tier cities preferred P2P apps.

2017.12 Users’ APP Preference in First-tier 2017.12 Users’ APP Preference in New First-tier Cities TOP 5 Cities TOP 5 APP Name APP Preference Index APP Name APP Preference Index JD.com 80.0 Didi 75.4 Dianping 78.6 Ofo 71.8 Ofo 78.4 JD.com 71.2 Mobike 78.3 Mobike 70.8 Eleme 77.9 Eleme 70.5 2017.12 Users’ APP Preference in Second-tier 2017.12 Users’ APP Preference in Third-tier Cities TOP 5 Cities TOP 5 APP Name APP Preference Index APP Name APP Preference Index ZJ 10086 68.8 Paipaidai 57.7 10086 65.9 Rong 360 57.4 QQ Mail 65.9 Weshare 56.9 Eleme 65.7 Cash Loan 56.5 CMB China 64.8 Cashbus 56.1 Source: JiGuang © 2017 Beyond Summits 24

In December 2017, ofo, Pinduoduo, and Mini1 were the Top 3 apps that have the highest year-on- year growth rate of market penetration, with the year-on-year growth rates all reaching more than 1000%.

2017.12 Growth Rate of Market Penetration of TOP 10 Domestic APPs YOY Growth Rate APP Name Market Penetration （2017.12 VS 2016.12） Ofo 1811.7% 5.3% Pinduoduo 1507.6% 19.0% Mini1 1079.2% 3.1% Mobike 482.5% 5.1% Paipai 419.4% 1.5% TapTap 325.9% 2.3% Xiaohongshu 302.2% 1.7% B612 279.0% 7.8% Qutoutiao 277.4% 2.9% Xigua110 243.3% 7.3%

Average DAU (daily active user) of short video apps Douyin and Huoshan showed an excellent performance. Tencent’s office business apps TIM and WeChat also ranked the Top 10.

2017.12 Domestic APP in Growth Rate of DAU YOY Growth Rate APP Name DAU (Million) (2017.12 VS 2016.12) Douyin 116271.2% 17.45 TIM 14270.0% 3.41 Huoshan 3434.7% 22.83 Mini1 1201.3% 3.67 Ofo 1086.4% 5.18 Weixin Work 660.9% 2.46 B612 512.7% 6.82 Pinduoduo 483.5% 16.21 Paipai 374.9% 3.12 Qutoutiao 373.2% 8.17

In 2017, Tencent Video, iQIYI, and Youku still ranked Top 3 among all video apps. Live streaming and short video apps grew rapidly, including Kuaishou and Douyin.

2017 Mobile Video APP’s Active Users TOP 10 (Million)

500 466.1 439.4

400

303.8 300

195.3 200

94.2 100 76.9 65.9 56.3 44.7 35.3

0 Tencent Video iQIYI Youku Kuaishou Mi IMGO TV Le Video Douyin Bilibili Souhu Video

In 2017, the number of monthly active users in short video industry has exceeded 410 million, an increase of 116.5% over the same period of last year. The development of short video has become the biggest dividend at present.

2017.1-12 Number of Monthly Active Users in Short Video Industry

Number of Monthly Active User (Million) YOY Growth Rate 500 140%

116.5% 120% 400 100%

300 80%

414 60% 200 379 346 35.4% 283 299 305 40% 227 233 248 100 203 200 213 20%

0 0% Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec

In June 2017, Kuaishou became the leading app among all the mobile short video apps, with monthly active users (MAU) reaching 137.65 million. However, the growth rate of the monthly active users of Douyin was the highest, reaching 57.7% compared with the last month.

2017.6 Mobile Short Video APP’s Monthly Active Users TOP 10 (Million)

150 137.65

120

27.69 30 23.87 23.76 16.94 9.50 8.90 5.87 4.86 4.04 0 Kuaishou Faceu Xigua Meipai Douyin Huoshan Tudou YouTube Zuiyou Meipai

In 2017, among all live streaming video apps, Douyu, Huya, and QQ Egame ranked the Top 3, and electronic sports has become a new live hotspot.

2017 Live Streaming Video APP’s Active Users TOP 10 (Million)

35 30.5 29.3 30

15 13.8 9.3 10 5.1 4.9 4.7 4.2 5 3.3 1.2 0 Douyu Huya QQ Egame Chushou TV Longzhu QQ Sports Zhibo8 Le Sports Zhanqi TV Fengyun Live

In 2017, the popularity of mobile payment and the integration of new retail online and offline promoted the further growth of the scale of mobile e-commerce users. Especially on the “Double Eleven Day” in 2017, the user]s scale reached 727 million.

2017.1-12 User’s Scale and Penetration of Mobile E-commerce Users

Number of Active Users (Million) Penetraion Rate 800 140%

700 727 715 120% 673 667 652 600 640 646 634 631 604 609 100% 564 500 80% 67.4% 65.9% 400 61.6% 61.8% 60.3% 63.1% 60.7% 62.5% 58.6% 59.5% 57.0% 55.1% 60% 300 40% 200

100 20%

0 0% Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec

In December 2017, the number of mobile music users reached 672 million, a decrease of 11.09 million compared to the beginning of the year, showing that the growth of the industry was weak. The impact of copyright wars and short videos have shifted the users’ attention.

2017.1-12 Market Scale of Mobile Music

Number of Monthly Active Users (Million) Month-on-Month Growth Rate 800 40%

700 697 700 683 672 687 692 689 688 672 674 683 672 30% 600 20.5% 500 18.2% 16.7% 15.9% 20% 400 11.8% 9.3% 8.2% 300 10% 2.3% 1.4% 0.7% 200 -0.8% -0.5% 0% 100

0 -10% Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec

Users are never loyal to one platform, and the same is true in the e-commerce industry. In December 2017, the proportion of users who installed more than three shopping apps increased significantly compared with the same period of last year.

2017.12 Average Number of APPs Installed by Mobile Shopping Users Dec-16 Dec-17

50% 48.2%

40%

30% 28.7%

22.7% 20.7% 21.7% 20% 15.5% 15.1% 13.8%

10% 8.5% 5.2%

0% 1 2 3 4 ≥5

In June 2017, Taobao, JD.com, and VIPS remained the Top 3 of all mobile shopping apps in monthly active users (MAU). Moreover, MAU of Zhuanzhuan, Xiaohongshu and Idlefish (Xianyu) grew rapidly.

2017.6 Mobile Shopping APP’s Monthly Active Users TOP 10 (Million)

300

252.54 250

200

150

100 59.85 50 31.59 18.39 15.10 8.73 7.98 6.08 5.49 5.45 0 Mobile Taobao JD.com VIPS Tmall Idlefish Mogu Street Xiaohongshu Zhuanzhuan Dangdang Qianniu

In June 2017, among all mobile social apps, WeChat had the highest monthly active users (MAU) with the number being 860 million, followed by QQ and Sina Weibo. It was noted that the knowledge-sharing platform Zhihu also ranked in the Top 10, which was 8.5% higher than that of the last month. 2017.6 Mobile Social APP’s Monthly Active Users TOP 10 (Million)

900 859.56

800

700

600 556.14

500

400

300

200 181.45

100 50.71 37.39 29.50 21.75 9.65 6.39 5.19 0 WeChat QQ Sina Weibo Momo QQ Qzone Tantan Baidu Tieba Zhihu Paipai Facebook

The continuous opening of WeChat Mini Programs has promoted the users to form the habit of using these Mini Programs. As of December 2017, the monthly active users (MAU) reached 303 million.

2017.1-12 Number of WeChat Mini Program’s Monthly Active Users (Million)

350 303.00 300

250

200 192.97 151.35 150 124.73 97.02 100 79.50 44.56 50 36.89 41.25 6.29 7.91 10.79 0 Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec

In June 2017, the number of monthly active users of ofo and Mobike were much higher than other bike-sharing apps, reaching 17.58 million and 15.82 million respectively.

2017.6 Bike-Sharing APP’s Monthly Active Users TOP 10 (Million)

20 17.58 15.82 16

4 1.72 1.51 1.28 0.88 0.42 0.21 0.15 0.09 0 ofo Mobike Kuqi Bike Bluegogo Hellobike YOUON Xiaoming XQchuxing U-bicycle Number-7

In June 2017, the number of 51yund’s monthly active users was the largest among all sports and healthy apps, reaching 8.16 million. Moreover, the growth rate of Keep and Tangdou’s user scale increased most rapidly.

2017.6 Sports and Healthy APP’s Monthly Active Users TOP 10 (Million)

8.16 8 7.35

6 5.29 5.19 4.67

3.65 4 3.37 2.59 2.27 2 0.86

0 51yund Samsung Health Meizu Keep Tangdou Ledongli Mi Codoon Huawei Developer Boohee

In the field of mobile tourism, the number of monthly active users of 12306 reached 13.32 million in the second quarter of 2017, ranking first, a decrease of 19% from the previous quarter. In addition, Ctrip, Qunar and other travel apps also have large quantity of users.

2017Q2 Average MAU 2017Q1 Average MAU Growth Rate APP Name (Million) (Million) (2017 Q2 VS 2017Q1) 12306 13.32 16.54 -19% Ctrip 13.19 11.80 19% Qunar 11.14 11.07 -6% Suanya 4.04 5.53 -27% Fliggy 2.82 3.27 -14% Gaotie 133 1.77 1.95 9% LY.com 1.57 1.72 -9% Tieyou 1.19 1.59 -25% Tuniu 1.07 1.22 -12% Mafengwo 0.88 0.99 32% Chebada 0.71 0.80 19% Variflight 0.69 0.76 -13% eLong 0.65 0.67 -35% LLTSKB 0.65 0.59 -15% China Lodging Group 0.54 0.48 11%

In June 2017, the user scale of Amap and Baidu Map ranked the first and second among all map navigation apps, reaching 87.18 million and 76.96 million respectively.

2017.6 Map Navigation APP’s Monthly Active Users TOP 10 (Million)

100 90 87.18 80 76.96 70 60 50 40 30 20 7.36 10 4.19 1.71 1.16 0.98 0.95 0.52 0.38 0 Amap Baidu Map Tencent Map Google Map A.Autonavi Sougou Map Baidu Careland GPSOV 10086 Ditu Navigation Navigation Source: Trustdata © 2017 Beyond Summits 40

Honor of Kings tops the mobile games market, with the average number of monthly active users in the second quarter of 2017 reaching 103 million, an increase of 15.3% from the previous quarter.

2017Q2 Average MAU 2017Q1 Average MAU Growth Rate Mobile Game Name (Million) (Million) (2017 Q2 VS 2017Q1) Honor of Kings 103.04 89.38 15.3% QQ XXL 59.19 68.79 -14.0% HLDDZ 28.40 32.52 -12.7% JJ 16.59 21.02 -21.0% Snake Fight 15.53 30.31 -48.8% Battle of Balls 14.16 20.35 -30.4% LOL 14.09 16.13 -12.6% Bingo 11.89 11.68 1.7% QQ Peng 10.33 10.73 -3.7% QQ Majiang 10.26 10.80 -5.0% CrossFire 9.31 11.57 -19.5% tencent.gamehelper.smoba 7.73 3.35 130.6% Langren8 7.30 4.91 48.8% Minecraft 6.94 9.09 -23.7% Clash of Clans 5.93 6.98 -14.9%

In 2016, among all mobile Internet games, role-playing games accounted for the largest, with the proportion being 29%, followed by card games, which accounted for 22%.

Distribution of China’s Mobile Games in 2016 Role-playing Card Chess Strategy Action Leisure and Wisdom Shooting Simulation Others

8% 2% 4% 29% 5%

10%

22% 10%

In June 2017, Jingdong Finance ranked the first among all consumer finance apps, with the number of monthly active users reaching 4 million. The growth rate of MUCFC’s monthly active users was the highest at 1,454.6%.

2017.6 Consumer Finance APP’s Monthly Active Users TOP 10 (Thousand)

5,000

4,000 4,000

3,000

2,000

1,230 990 1,000 630 580 450 400 310 270 260 0 Jingdong Finance Fenqile MUCFC Laifenqi Wecash MSXF xhqb Qufenqi Aiyoumi Suning Jinrong

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