Venture Capital Report

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1 Venture Capital Report China 2 Q 2018

2 The following report presents Dow Jones VentureSource s quarterly findings for Chinese venture capital fundraising, investment, valuation, and liquidity. The included charts and graphs offer a comprehensive view of the trends currently affecting the venture capital market. Highlights for 2Q 2018 include: China venture capital fundraising increased, both in capital raised and the number of funds; Capital flowed into venture-backed Chinese companies reached a fresh record; Amount collected through mergers and acquisitions (M&As) climbed significantly; The transaction number via initial public offerings (IPOs) climbed, while the money raised declined. 2

3 CHINESE VENTURE CAPITAL FUNDRAISING IMPROVED IN 2Q 2018 FUNDRAISING In 2Q 2018, 12 Chinese venture funds collected $2.53 billion. The capital raised is more than five times as many as the amount collected in the prior quarter, and the number of funds is more than doubled Chinese VC Fundraising ( ) Based on multiple closings $6.00 $5.00 In comparison to the same period last year, amount raised increased by 5%, while deal number dropped by 20%. 15 $4.00 Qiming Venture USD Fund VI LP was the largest Chinese venture fund in 2Q 2018, raising $935 million and representing a 37% of the total amount raised in venture capital funds during the quarter $3.00 $2.00 $ Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Amount Raised ($B) $1.70 $2.07 $1.69 $3.91 $2.12 $2.09 $0.75 $1.06 $2.41 $3.57 $0.79 $0.38 $2.53 Number of Funds $0.00 3

4 LARGEST VC FUNDS RAISED IN 2Q 2018 FUNDRAISING Firm Name Fund Name Amount ($M) Closed in 2Q Location Offering Status Fund Type Fund Category Closing Type Qiming Venture Partners Qiming Venture USD Fund VI LP $ Shanghai Closed Multi-stage venture capital Venture Capital Final Sinovation Ventures Sinovation Fund IV LP $ Beijing Closed Early-stage venture capital Venture Capital Final Loyal Valley Innovation Capital Loyal Valley Capital Advantage Fund LP $ Shanghai Open Multi-stage venture capital Venture Capital First 4

5 INVESTMENT INTO CHINESE VENTURE-BACKED COMPANIES INCREASED DURING 2Q 2018 FINANCING Equity Financings into China-based, VC-backed Companies ( ) Due to an enormous $14 billion raised by Ant Financial Group, the capital flowed into venture-backed Chinese companies surged in 2Q 2018, accumulating more than $45 billion via 963 transactions. Compared to the prior quarter, the amount raised increased dramatically by 59%, along with 3% climb in the number of deals. Business and Financial is the strongest in terms of deal value Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Amount Raised ($B) Number of Deals

6 EQUITY FINANCINGS INTO CHINA-BASED, VC-BACKED COMPANIES, BY ROUND CLASS ( ] FINANCING 400 Number of Deals Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Seed First Second Later Restart

7 EQUITY FINANCINGS INTO CHINA-BASED, VC-BACKED COMPANIES, BY ROUND CLASS ( ) FINANCING $35,000 Amount Raised ($M) $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Seed $91 $154 $103 $114 $124 $162 $112 $86 $107 $117 $167 $74 $95 First $5,191 $3,777 $2,662 $1,921 $1,627 $1,988 $1,982 $2,929 $2,077 $1,789 $2,124 $2,860 $4,928 Second $4,213 $3,131 $2,351 $2,073 $2,014 $2,178 $1,655 $2,049 $2,584 $2,057 $2,673 $3,687 $3,395 Later $6,335 $9,571 $13,847 $16,826 $16,682 $6,349 $8,823 $28,193 $10,886 $9,099 $20,491 $18,843 $31,547 Restart $20 $2 $60 $0 $128 $48 $4 7

8 EQUITY FINANCINGS INTO CHINA-BASED, VC-BACKED COMPANIES, MEDIAN DEAL SIZE [$M] ( ) FINANCING $16.00 Median Equity Deal Size ($M) $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Median Equity Deal Size ($M) $4.84 $3.87 $4.55 $4.00 $3.14 $3.00 $4.21 $7.23 $4.40 $5.90 $7.56 $10.00 $

9 EQUITY FINANCINGS INTO CHINA-BASED, VC-BACKED COMPANIES, BY INDUSTRY GROUP [2Q 2018) FINANCING During 2Q 2018, Business and Financial ranked the first in terms of deal value. This sector grabbed $24.33 billion through 202 deals, taking a 54% share of the total investment flowed into Chinese companies during the quarter. By comparison with the last quarter, the deal value is more than doubled, with the transaction number dropped by 17%. Consumer placed the second, collecting $9.54 billion through 319 deals. This sector s investment figure takes a 21% share of the total amount raised during 2Q 2018, and it attracted the highest number of transaction. Information Technology sector won third place, receiving $6.29 billion across 255 deals. Compared to 1Q 2018, both capital raised and deal volume climbed, by 47% and 18% respectively. 2Q'18 Industry Breakdown By Number of Deals 2Q 18 Industry Breakdown By Amount Raised 1% 26% 12% 0% 0% 8% 21% 0% 14% 3% 21% 5% 33% 54% Business and Financial Consumer Goods Consumer Energy & Utilities Healthcare Industrial Goods & Materials Information Technology Business and Financial Consumer Goods Consumer Energy & Utilities Healthcare Industrial Goods & Materials Information Technology 9

10 TOP 3 DEALS INTO CHINA-BASED VC-BACKED COMPANIES (2Q 2018) Co. Name Location Industry Code Ant Financial Group Hangzhou Payment/Transaction al Processing Industry Segment Financial Institutions and Industry Group Brief Description Close Date Business and Financial Provider of financial services to individuals and micro and small businesses. Round Type Raised ($M) 6/7/2018 VC 4th 14, Round Investors (* denotes lead) Warburg Pincus LLC, The Carlyle Group, Temasek Holdings Pvt. Ltd., T. Rowe Price Group Inc., Silver Lake Management LLC, Primavera Capital Group, Khazanah Nasional Berhad, Janchor Partners, GIC Private Ltd., General Atlantic LLC, Discovery Capital Management Corp., Canada Pension Plan Investment Board, Boyu Capital Advisory Co. Ltd., Baillie Gifford & Co. Ltd. Walnut Street Group Holding Ltd. (Pinduoduo) Shanghai Shopping Facilitators Consumer Information Consumer Operator of an online group purchasing platform. 4/11/2018 VC 3rd 3, Tencent Holdings Ltd.*, Sequoia Capital Du Xiaoman Financial Beijing Lending Financial Institutions and Business and Financial Provider of a lending platform based on artificial intelligence (AI). 4/28/2018 VC 1st 1, TPG Capital LP*, The Carlyle Group*, Taikang Life Insurance, ABC International 10

11 MOST ACTIVE INVESTORS FOR CHINA-BASED, VC-BACKED COMPANIES (2Q 2018) FINANCING Number of Deals Sequoia Capital GSR Ventures IDG Capital Partners ZhenFund Legend Capital Co. Ltd. Shenzhen Capital Group Co. Ltd. 11

12 VENTURE M&A MARKET ACTIVITY IN CHINA (2Q 2018) LIQUIDITY China VC-backed M&A Activity ( ) 14 mergers and acquisitions (M&As) for venture-backed Chinese companies occurred in 2Q 2018, accumulating USD billion. Compared with the prior quarter, the amount increased four-fold, though the deal volume is only four more. The largest M&A was Shanghai Lazhasi Information Technology Co. Ltd. (Ele.com), which was acquired by Alibaba Group Holding Ltd. (NYSE: BABA) on April 1, 2018 for USD 9.5 billion. $18.00 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Amount Paid ($B) $16.69 $1.30 $3.42 $0.49 $2.40 $2.86 $1.26 $3.75 $2.74 $2.99 $3.23 $2.88 $15.45 Number of M&As

13 TOP 3 CHINA M&As (2Q 2018) LIQUIDITY Company Name Location Brief Description Industry Code Industry Segment Industry Group Acquirer Close Date Round Type Post Value through M&A ($M) Shanghai Lazhasi Information Technology Co. Ltd. (Ele.me) Shanghai Operator of an online food ordering site. Food / Drug Retailers Retailers Consumer Alibaba Group Holding Ltd. 4/1/2018 M&A $9, Beijing Mobike Technology Co. Ltd. (Mobike) Beijing Provider of a bike sharing service. Transportation Travel and Leisure Consumer China Internet Plus Holding Ltd. 4/3/2018 M&A $3, Shanghai Luoxin Business Management Consulting Co. Ltd. (Naked Hub) Shanghai Operator of co-working spaces in Asia. Facilities / Operations Management Business Support Business and Financial WeWork Companies Inc. 4/11/2018 M&A $

14 CHINESE VC-BACKED IPOs ( ) LIQUIDITY Chinese VC-backed IPO Activity ( ) 12 Chinese VC-backed companies collected $1.62 billion through public offering during 2Q Although the number of deals rose 20% compared to the prior quarter, the amount raised fell by 64%. The largest IPO of this quarter was Wise Talent Information Technology Co. Ltd. (Liepin.com) which completed a $ million through the listing on HKEX stock market Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Raised ($B) through IPO Number of IPOs

15 TOP 3 CHINA IPOs (2Q 2018) LIQUIDITY Company Name Location Brief Description Industry Code Industry Segment Industry Group Close Date Round Type Raised through IPO ($M) Exchange Wise Talent Information Technology Co. Ltd. (Liepin.com) Beijing Provider of an online talent acquisition services platform. Human Resources / Recruitment Business Support Business and Financial 6/29/2018 IPO $ HKEX: 6100 Uxin Ltd. Beijing Provider of a used car e- commerce platform. Vehicle Parts Retailers / Vehicle Dealers Retailers Consumer 6/27/2018 IPO $ Nasdaq: UXIN Huifu Payment Ltd. (PnR Network) Shanghai Provider of payment services. Vertical Market Applications Software Software Information Technology 6/15/2018 IPO $ HKEX:

16 ABOUT US Dow Jones VentureSource helps venture capitalists, corporate development executives, investment bankers and service providers find deal and partnership opportunities, perform comprehensive due diligence and examine trends in venture capital investment, fund-raising and liquidity. It provides accurate, comprehensive data on venture-backed companies including their investors and executives in every region, industry and stage of development throughout the world. The investment figures included in this release are based on aggregate findings of Dow Jones' proprietary research and are contained in VentureSource. This data was collected through surveys of professional firms, interviews with company executives, and from secondary sources. These venture capital statistics cover equity investments into early stage, innovative companies, and do not include companies receiving funding solely from corporate, individual, and/or government investors. Figures contained throughout the report current at time of editorial but are subject to change without notice. No statement herein is to be construed as a recommendation to buy or sell securities or to provide investment advice. 16

17 ABOUT DOW JONES Dow Jones is a global provider of news and business information, delivering content to consumers and organizations around the world across multiple formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 125 years and today has one of the world s largest newsgathering operations globally. It produces leading publications and products including the flagship Wall Street Journal, America s largest newspaper by paid circulation; Factiva, Barron s, MarketWatch, Financial News, DJX, Dow Jones Risk & Compliance, Dow Jones Newswires, and Dow Jones VentureSource. MEDIA CONTACT: Toby Doman

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