Private Investor Return of U.S Listed Chinese Companies JD.com

Investor Return by X Stock Price

IPO Date Investor Price(ADS) 2014/5/22 2018/12/31 50 2011/4 DST Global limited $3.33 6.53 x 6.62 x

45

DST Global limited 2011/6 $3.63 5.99 x 6.07 x 40 Sequoia Capital 35

Classroom Investments 30 2012/11 $3.96 5.49 x 5.57 x Tiger Global 25 Supreme Universal Holding Ltd. And Goldstone Capital Ltd. 20 2013/2 $3.96 5.49 x 5.57 x

DST China EC X,L.P 15 2014/5/22 2015/5/22 2016/5/22 2017/5/22 2018/5/22

STELLARUS CAPITAL GROUP 星仪 source: company prospectus QTT(

Investor Return by X Stock Price

IPO Date Investor Price(ADS) 2018/9/14 2018/12/31 18 2017/9 ACE Redpoint (3 funds) $1.64 5.55 x 3.87 x 2017/9 CMC queen $1.82 5.00 x 3.49 x 16 2018/3 Image Flag $4.84 1.88 x 1.31 x 14 2018/3 Long Range $5.90 1.54 x 1.08 x 2018/3 People Better $5.90 12 1.54 x 1.08 x

2018/3 Shunwei Growth $5.90 1.54 x 1.08 x 10

2018/3 Double Excel $5.90 1.54 x 1.08 x 8 2018/3 Lighthouse Captial $5.90 1.54 x 1.08 x 2018/3 CMC queen $5.90 1.54 x 1.08 x 6 2018/3 Red point (3 funds) $5.90 1.54 x 1.08 x 4 2018/4 SH ChuangVest $5.90 1.54 x 1.08 x 2 2018/4 Hundreds TWC $6.50 1.40 x 0.98 x

2018/4 Harvest Ceres Fund $6.50 1.40 x 0.98 x 0 2018/9/14 2018/10/14 2018/11/14 2018/12/14 2018/4 Vision Global $6.50 1.40 x 0.98 x

STELLARUS CAPITAL GROUP 星仪 source: company prospectus LAIX.N

Investor Return by X Stock Price

IPO Date Investor Price(ADS) 2018/9/27 2018/12/31 IDG – Accel Growth 15 $3.67 4.36 x 2.07 x Fund IDG – Accel Investors $2.87 5.57 x 2.64 x 14 GGV $3.74 4.28 x 2.03 x GGV Entrepreneurs 13 2015/7 $3.52 4.55 x 2.15 x Fund HES Ventures $3.77 4.24 x 2.01 x 12 RTA Capital $4.52 3.54 x 1.68 x Cherubic Ventures $0.62 25.81 x 12.23 x 11 Trustbridge Partners $3.66 4.37 x 2.07 x Wu Capital $9.44 1.69 x 0.80 x 10 IDG – Accel Growth $9.46 1.69 x 0.80 x Fund 9 IDG – Accel Investors $8.90 1.80 x 0.85 x GGV $9.45 1.69 x 0.80 x 8 GGV Entrepreneurs 2017/6 $9.10 1.76 x 0.83 x Fund 7 Cherubic Ventures $8.63 1.85 x 0.88 x HES Ventures $8.81 1.82 x 0.86 x 6 Trustbridge Partners $9.43 1.70 x 0.80 x CMC Lullaby $9.44 1.69 x 0.80 x 5 Cherubic Ventures $9.44 1.69 x 0.80 x 2018/9/27 2018/10/17 2018/11/6 2018/11/26 2018/12/16

STELLARUS CAPITAL GROUP 星仪 source: company prospectus NIU

Investor Return by X Stock Price

IPO Date Investor Price(ADS) 2018/10/19 2018/12/31 GGV(2 funds)

2016/1 Phoenix $2.08 4.09 x 3.37 x 9

Glory Achievement

GGV(2 funds)

Glory Achievement

2018/3 Hyperfinite Galaxy $1.66 5.12 x 4.22 x 7

Plum Angel

Future Capital

Plum Angel 5 GGV(3 funds)

2018/3 Hyperfinite Galaxy $4.96 1.71 x 1.41 x 2018/11/3 2018/11/8 2018/10/19 2018/10/24 2018/10/29 2018/11/13 Future Capital

IDG Venture(2 funds)

STELLARUS CAPITAL GROUP 星仪 source: company prospectus WUBA58

Investor Return by X Stock Price

IPO Date Investor Price(ADS) 2013/12/23 2018/12/31

95 2011/3 Recruit Co $4.04 5.25 x 13.42 x 85

2011/8 WP X Asia 2 funds $7.22 2.94 x 7.51 x 75

65 2011/9 WP X Asia $7.22 2.94 x 7.51 x 55

45

35

25

15

5

2013/12/23 2014/12/23 2015/12/23 2016/12/23 2017/12/23 2018/12/23

STELLARUS CAPITAL GROUP 星仪 source: company prospectus VIPS

Investor Return by X Stock Price

IPO Date Investor Price(ADS) 2012/3/23 2018/12/31 35 2011/1 DCM2 funds $0.2 3.00 x 27.30 x 30 Sequoia Capital 2011/1 $0.2 3.00 x 27.30 x 2 funds 25

2011/4 DCM 2 funds $1.01 0.59 x 5.41 x 20

15 2011/4 Sequoia Capiotal CV $1.01 0.59 x 5.41 x

10 $1.01 2011/6 Elegant Motion 0.59 x 5.41 x 5 $1.01 2011/6 High Vivacity 0.59 x 5.41x 0

2012/3/23 2013/3/23 2014/3/23 2015/3/23 2016/3/23 2017/3/23 2018/3/23

STELLARUS CAPITAL GROUP 星仪 source: company prospectus BIDU

Investor Return by X Stock Price

IPO Date Investor Price(ADS) 2005/8/5 2018/12/31 300 Google Inc. $6.67 0.99 x 23.78 x

250 Draper Fisher Jurvetson ePlanet Ventures L.P. $6.67 0.99 x 23.78 x and its affiliated entities 200 Integrity Partners V, $6.67 0.99 x 23.78 x LLC 150 Peninsula Capital Fund I, $6.67 0.99 x 23.78 x LLC 2004/6 100 Swiftcurrent Offshore, $6.67 0.99 x 23.78 x Ltd.

Venture TDF Technology 50 $6.67 0.99 x 23.78 x Fund III LP

0 CMT CV-BD Limited $6.67 0.99 x 23.78 x

China Equity 2005/8/5 2007/8/5 2009/8/5 2011/8/5 2013/8/5 2015/8/5 2017/8/5 International Holding 0.99 x 23.78 x $6.67 Company Limited (BVI)

STELLARUS CAPITAL GROUP 星仪 source: company prospectus BABA

Investor Return by X Stock Price

IPO Date Investor Price(ADS) 2014/9/19 2018/12/31 250 Various private equity 2012/8 $15.5 5.98 x 8.84 x investment funds Various private equity 200 2012/9 investment and $18.5 5.01 x 7.41 x sovereign wealth funds A private equity 2012/10 investment fund and a $18.5 5.01 x 7.41x 150

100

50

0 2014/9/19 2015/9/19 2016/9/19 2017/9/19 2018/9/19

STELLARUS CAPITAL GROUP 星仪 source: company prospectus CMCM

Investor Return by X Stock Price

IPO Date Investor Price(ADS) 2014/5/8 2018/12/31 40 2011/7 TCH Copper Limited $0.181 84.25 x 33.76 x 35 Matrix Partners (2 2011/7 $0.181 84.25 x 33.76 x funds) 30

Kingsoft Corporation 2012/5 $0.181 84.25 x 33.76 x 25 Limited

20 2013/6 TCH Copper Limited $0.426 35.80 x 14.34 x

15 Kingsoft Corporation 2013/6 $0.426 35.80 x 14.34 x Limited 10

5

0 2014/5/8 2015/5/8 2016/5/8 2017/5/8 2018/5/8

STELLARUS CAPITAL GROUP 星仪 source: company prospectus JMEI

Investor Return by X Stock Price

IPO Date Investor Price(ADS) 2014/5/16 2018/12/31 Success Origin Limited 40 and an individual angel $0.02 1362.50 x 91.50 x investor 35 K2 Partners L.P. and $0.03 908.33 x 61.00 x Success Origin Limited 30 2011/4 Sequoia Capital3 funds) 25 K2 Partners L.P. $0.28 97.32 x 6.54 x Success Origin Limited 20 and the individual Ventech China II SICAR 15 Moon Wan Sun Investments Company 10 2011/11 Limited Precise Asset $1.08 25.23 x 1.69 x Investments Limited and Success Origin 5 Limited

0 2014/5/16 2015/5/16 2016/5/16 2017/5/16 2018/5/16

STELLARUS CAPITAL GROUP 星仪 source: company prospectus EDU

Investor Return by X Stock Price

IPO Date Investor Price(ADS) 2006/9/15 2018/12/31 Tiger Technology 120 2004/12 Private Investment $8.08 0.78 x 6.78 x Partners II, L.P. Entities affiliated with 100 Tiger Technology 2004/12 $7.24 0.88 x 7.57 x Private Investment Partners II, L.P. 80 Entities affiliated with Tiger Technology 2005/5 $7.76 0.82 x 7.06 x Private Investment 60 Partners II, L.P.

40

20

0 2006/9/15 2009/9/15 2012/9/15 2015/9/15 2018/9/15

STELLARUS CAPITAL GROUP 星仪 source: company prospectus WB

Investor Return by X Stock Price

IPO Date Investor Price(ADS) 2014/4/17 2018/12/31 160 Ali WB Investment 2013/4 $16.79 0.97 x 3.48 x Holding Limited 140

120

100

80

60

40

20

0 2014/4/17 2015/4/17 2016/4/17 2017/4/17 2018/4/17

STELLARUS CAPITAL GROUP 星仪 source: company prospectus NOAH

Investor Return by X Stock Price

IPO Date Investor Price(ADS) 2011/11/10 2018/12/31 80 2008/8 Sequoia Entities $1.322 11.35 x 32.77 x 70

60

50

40

30

20

10

0 2010/11/10 2012/11/10 2014/11/10 2016/11/10 2018/11/10

STELLARUS CAPITAL GROUP 星仪 source: company prospectus NIO IPO IPO Date Investor Price(ADS) 2011/11/10 2018/12/31 Date Investor Price(ADS) 2011/11/10 2018/12/31

12 Baidu Capital L.P. LONE SPRUCE, L.P. West City Asia Limited Lone Cypress, LTD. 10 Haitong International ULTRA RESULT HOLDINGS Investment Holdings Limited. AL NAHDHA INVESTMENT LLC Haixia NEV International Al Beed Group 8 Oldbridge Invest L.L.C. New Margin Capital Hong Kong AC Limited 6 Co., Limited BEST CASTLE LIMITED Palace Investments Pte. Ltd. HUBEI SCIENCE & 4 Image Frame Investment (HK) TECHNOLOGY INVESTMENT GROUP (HONG KONG) 2018 /9/12 2018 /11 /12 Total Prestige Investment 2017/3 $3.88 1.54 x 1.67 x COMPANY LIMITED Zhide EV Investment Limited IPO WP NIO Investment Bright Sky II, L.P. Date Investor Price(ADS) 2018/9/12 2018/12/31 Partnership, LP TPG Growth III SF Pte. Ltd. Lezmenia Assets Limited Originalwish Limited Bluestone Company Limited LAPATHIA HOLDINGS LIMITED Hillhouse NEV Holdings Limited CEG Smart Travel Co., Limited PV Vision Limited Shunwei TMT II Limited 2015/3 $0.10 60.00 x 64.70 x IDG China Venture Capital Silver Ridge Fund I Limited mobike Global Ltd. Fund IV L.P. Partnership HCM VI Limited IDG China IV Investors L.P. The Mabel Chan 2012 Family Shunwei Growth II Limited CYBER TYCOON LIMITED Trust Energy Lee Limited Honor Best International Magic Stone Special 2015/5 $0.10 60.00 x 64.70 x Opportunity Fund IV L.P. Mount Putuo Investment Tanzanite Gem Holdings Mega Treasure Investment 2015/6 Smart Group Global Limited $0.10 60.00 x 64.70 Anderson Investments Pte. 2017/11 $5.35 1.12 x 1.21 x Ltd. Tanzanite Gem Holdings Sequoia Capital China 2015/9 GF HoldcoIII-A, Ltd. $0.17 36.32 x 39.16 x Ultimate Lenovo Limited SCC Growth IV Holdco A, Ltd. Joy Capital I, L.P. CYBER TYCOON LIMITED Joy Next Investment Management Limited 2016/3 Padmasree Warrior $0.17 36.32 x 39.16 x Honor Best International Anderson Investments Pte. Anderson Investments Pte. 2017/5 CHAMPION ELITE GLOBAL $3.89 1.54 x 1.67 x HH DYU Holdings Limited Hillhouse NEV Holdings Limited CHINA INDUSTRIAL INTERNATIONAL TRUST ASSET TPG Growth III SF Pte. Ltd. Shunwei TMT II Limited MANAGEMENT COMPANY Bluestone Company Limited Shunwei Growth II Limited HF Holdings Limited Mount Putuo Investment Bright Sky II, L.P. Tea Leaf Limited SCC Growth IV Holdco A, Ltd. Diamond Division Limited BLISSFUL DAYS HOLDINGS Joy Capital I, L.P. WEST CITY ASIA LIMITED Guangfa Xinde Capital Bluestone Company Limited Haixia NEV International 2016/6 $2.75 2.18 x 2.35 x Management Limited Limited Partnership Magic Stone Alternative Private Bluefuture Fund L.P. Equity Fund, L.P. Palace Investments Pte.Ltd. UBS AG, London Branch TPG Growth III SF Pte. Ltd. 2017/7 $3.89 1.54 x 1.67 x KEEN EAGLE CAPITAL KEEN EAGLE CAPITAL INVESTMENT LIMITED Ultimate Lenovo Limited INVESTMENT LIMITED Caitong Funds SPC – New Renaissance Era International Technology Fund Segregated Private Equity Fund I L.P. China Oceanwide International Asset Management Limited Portfolio Palace Investments Pte. Ltd. CICC Ehealthcare Investment CMFHK Fortune 100 SPC Grandfield Investment Ltd. Image Frame Investment (HK) CapThrone Investment Limited IDG China Venture Capital Partnership Fund IV L.P. TPP Follow-on I Holding D 2016/8 $2.75 2.18 x 2.35 x HCM VI Limited IDG China IV Investors L.P. LEAP PROSPECT LIMITED 2016/9 Bright Sky II, L.P. $2.75 2.18 x 2.35 x Serenity WL Holdings Ltd. STAR AZURE INTERNATIONAL 2017/12 $5.35 1.12 x 1.21 x ORIENT HONTAI LIMITED 2017/11 SCOTTISH MORTGAGE $5.35 1.12 x 1.21 x INVESTMENT TRUST PLC Oceanwide Sigma Limited 2017/2 LONG WINNER INVESTMENT $2.75 2.18 x 2.35 x PACIFIC HORIZON HH RSV-X Holdings Limited INVESTMENT TRUST PLC Myriad Opportunities Master Fund Limited STELLARUS CAPITAL GROUP 星仪 source: company prospectus

YINGYAN LIN [email protected]

YANG ZHUANG [email protected]

JIAYANG XU [email protected]