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 sovereign wealth fund 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 angel investor 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.