YEAR IN REVIEW2016

2016 was a standout year for entrepreneurs in the GGV Capital ecosystem. Our portfolio companies collectively completed more than $26 billion of M&A and IPO activity, raised more than $10 billion to fuel global expansion, and completed one new IPO (BC Pharma in China). Additionally, we estimate our current portfolio of 121 private companies generated more than $9 billion of sales in 2016. We are pleased to have announced investments in 33 new companies in 2016, ranging from seed stage startups in our Discovery Fund to global players with millions of users and hundreds of millions in annual revenue. These companies are innovating in all areas of the technology ecosystem, from mobile commerce to IOT to software and cloud computing. Despite representing a broad range of stages, sectors, and geographies, these companies all share common characteristics: terrific management teams with long-term, global views and a determination to build the next great category-defining company. The year also marked expansion on a number of fronts for our firm. First, we announced the launch of GGV Capital Fund VI and our Discovery Fund with more than $1.2 billion in commitments. A big thank you to our Limited Partners for their continued support. Second, we added 16 new members to the GGV Capital team across the US and China. Each of these individuals brings a unique capability to our efforts to be the best partner for entrepreneurs on a global basis. Thank you for your continued support of GGV Capital and the entrepreneurs we work with. We look forward to working together in 2017!

2016260 100

121 2016 90

2016 33

12

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2017

A NOTE FROM OUR PARTNERS

THE MANAGING PARTNERS OF GGV CAPITAL

2016 BY THE NUMBERS

63new and follow on investments total raised by portfolio

companies

$10.8Bactive portfolio companies121

Fund VI, VI Plus, Discovery Iclosed in 2016

$1.2Btotal value of portfolio exits$26B

Emerging ecommerce leader Wish is the #2 most popular shopping app on the AppStore and sells ~2 million items per day. The company has become a beloved platform for mass market consumers and raised $500 million in 2016.

Wish AppStore

APP2016

5 Wish

PLATFORMS FOR THE MASSES:Unprecedented Global Growth

In 2016, the continued widespread adoption of smartphones and the accompanying ubiquitous access to the internet led to the creation of entirely new business sectors. In addition, offline retail, banking, media and consumer hardware are in the midst of constant disruption. The demands of the middle class around the world, and especially in China as consumers come online in the millions, are creating demand for new types of goods and services worldwide.

Technology is making life easier: finding a lost wallet with Tile, managing personal fitness with Keep, buying and selling a house with OpenDoor. Consumers have more options than ever before to buy goods or be part of global online communities such as Wish, Operator, Xiaohongshu or musical.ly. Affordable global travel is more accessible to middle class consumers with AirBnB and Ctrip. The perfect storm of billions of smartphone-connected consumers, Chinas growing consumption upgrade market, and the interconnectedness of social media has created new models and sectors to serve the mass market globally. As a result, founders with a global vision to serve the worlds middle class such as AirBnB, Ctrip, musical.ly, Wish and others have experienced unprecedented growth in the last year.

2016

Tile KeepOpenDoor

Wish Operator musical.lyAirBnB

AirBnB musical.ly Wish

Grab founder and CEO Anthony Tan often talks about how his company is the new rice bowl to the drivers who use the platform, as 80% of their income comes from Grab. In 2016, Grabraised $750M, and is the leading ride-share company in South-East Asia.

Grab CEOGrab

80% Grab2016 Grab7.5

FUTURE OF WORK:Creating New Entrepreneurs In and Out of the Office

Innovations in the global workplace have made it easier to work smarter. Business tools such as Slack and Zendesk have upended the traditional office time sucks of email and customer service, and cloud services such as Domo use data to identify opportunities quickly. Companies like Restless Bandit and Appirio leverage data science and crowd sourcing to uncover or rediscover the most experienced person for the job.

At the same time, people have shifted how they think about work, as on-demand platforms allow people to earn a living in their own time, on their own terms. AirBnB, Tujia, Didi and Grab let people turn assets they already own (their houses and cars) into money in their pocket. Ecommerce platforms like Alibaba, BigCommerce, and Poshmark help small businesses or individuals launch their own brands and reach buyers across the globe. ShiftGig helps businesses connect with hourly workers.

Traditional work is evolving, with more people either taking the entrepreneurial route to craft lasting self-sufficiency, or working for companies that encourage agility and a work-hard, work-smart mindset.

Slack Zendesk

Domo Restless Bandit Appirio

AirBnB GrabBigCommerce

PoshmarkShiftgig

+

English content of future of work trend;

Chinese translationgoes here.

Vincross

Vincross

HEXAHEXA

Vincross was created by a community of engineers and scientists with a vision for artificial life. This year, Vincross launched HEXA, the first all-terrain, sensor-based robot that is designed to learn new skills from developers or HEXA mentors.

2016 brought us closer to the convergence of the real and virtual worlds. IoT, robots, self-driving vehicles, and other automation technologies are becoming part of our everyday lives. Whether you interact with computers via voice commands - such as Apples Siri or Amazons Alexa - take a ride in a self-driving shuttle bus, or wear a smartwatch, all rely on artificial intelligence, sensors, and advanced algorithms to make our lives easier.

To make this convergence possible, underlying hardware components such as sensors, bots, and batteries become ever more important, as demonstrated by the success of Ehang, Heptagon, Immotor, Phononic, Niu and Vincross.

Meanwhile, devices and networks will continue to process petabytes of data to automate and personalize everyday tasks, bringing matters of privacy and security to the forefront. This increases the importance of companies building next-generation cybersecurity and intelligence technologies such as Nozomi, Bitsight Technologies, AlienVault, and Synack to help identify, monitor, and manage potential threats.

IMMOTOR

FRONTIER TECH:Bringing Opportunities for AI

SELECT NEW INVESTMENTS IN 2016

IMMOTOR

Early & Seed Stage Investments

Growth Stage Investments

PORTFOLIO HIGHLIGHTSBUCHANG PHARMA | Chinese pharmaceutical company Buchang Pharma completed its IPO on the Shanghai Stock Exchange, closing the first trading day with a market cap of $7 billion (USD). Read More

AIRBNBAirBnB launched new initiatives around entire trips as well as a focus on China. The company raised $550 million (USD) this year. Read MoreAirBnB

DIDI CHUXING | Chinas ride sharing leader Didi Chuxing raised $1 billion in new investment from Apple and acquired its smaller rival UberChina in a $35 billion (USD) deal. Read More

10 350

DRAFTKINGSThe two leaders in the daily fantasy sports market, DraftKings and FanDuel, agreed to merge. Read More

DraftKings FanDuel

QUNAR | China is the largest outbound travel market in the world with more than 100 million travelers. Market leaders Ctrip and Qunar completed their $7 billion (USD) merger in 2016. Read More

1 2016 70

HEPTAGONAustrias AMS acquired Heptagon for up to 855 million, creating the worldwide leader in optical sensing and 3D imaging solutions. Read More

AMS 8.55 HEPTAGON 3D

51 CREDIT | GGV fully exited 51 Credit via secondary sale as a part of companys Series C financing. Read More

C 100%

Gamespedia | Gamespedia, one of the largest flash-based game developers in China, had an M&A exit via secondary sale of shares as part of onshore restructuring. Read More

http://www.buchang.com/News/XiangXiYaoWen.ashx?CategoryId=0201&Id=969http://fortune.com/2016/11/17/airbnb-experiences-trips/https://www.bloomberg.com/features/2016-didi-cheng-wei/http://www.nytimes.com/2016/11/19/sports/draftkings-fanduel-merger-fantasy-sports.htmlhttps://www.bloomberg.com/news/articles/2015-10-26/ctrip-qunar-soar-in-u-s-on-china-online-travel-partnershiphttp://tech.eu/brief/ams-heptagon/http://fintechroundup.com/chinese-credit-card-management-app-raises-310m-series-c-avcj/

PORTFOLIO HIGHLIGHTSAPPIRIOGlobal IT services leader Wipro acquired Appirio for $500 million (USD). Read More

IT Wipro 5 APPRIO

MEILISHOU | The two emerging leaders in social shopping in China, Meilishuo and Mogujie, merged to form new company Meili. The combined companies are handling more than $5 billion (USD) per year in sales. Read More

50

OPENDOOROpenDoor is reinventing the way consumers buy and sell homes. The company raised $210 million (USD) in new financing in 2016. Read MoreOPENDOOR 2016 2.1

GRABSoutheast Asias leading ridesharing company Grab raised more than $750 million (USD) in new financing and announced partnerships with Chinas Didi, Indias Ola and Americas Lyft. Read More

GRAB 7.5 Ola Lyft

MUSICAL.LYRising mobile social platform Musical.ly passed 100 million registered users, and now counts more than half of US teens & pre-teens on its platform. It closed a $100 million (USD) round of financing in 2016. Read More

MUSICALLY 1 2016 1

PACTERA | Pactera was acquired by HNA, with an enterprise value at $935 million (USD). 100% exit for GGV as part of M&A. Read More

9.34 100%

CTG | CTG (China Talent Group) was acquired by Sunshine Insurance for $400 million (USD). 100% exit for GGV as part of M&A. Read More

4 100%

http://fortune.com/2016/10/20/wipro-buys-appirio/http://fortune.com/2016/01/11/mogujie-meilishuo-merger/http://fortune.com/2016/11/30/opendoor-raises-210-million/http://www.forbes.com/sites/briansolomon/2016/09/19/grab-uber-rival-southeast-asia-750-million-softbank/#4258c6035ec2https://techcrunch.com/2016/05/06/musical-ly-raising-100-million-at-500-million-valuation-for-social-music-videos/http://exithub.com/chinese-giant-hna-to-acquire-it-firm-pactera-from-blackstone-bx-for-675m/http://en.pedaily.cn/Item.aspx?id=221176http://en.pedaily.cn/Item.aspx?id=221176

NEW TEAM MEMBERS IN 2016People are the key to growth in every business -- especially global

companies. In 2016, we added four senior level investment professionals and also broadened our portfolio service teams across the US and China.

20164

Eric Xu | Partner | Denise Peng | Venture Partner |

Jason Costa | Entrepreneur in Residence | Semil Shah | Venture Partner |

Christine Hinton | VP of Marketing US | Jen Holstrom | Head of Talent |

Teck Loon Goh | Head of Investor Relations | Lily Cao | VP of Marketing China |

Eric Yao | Senior Legal Counsel |

www.ggvc.com

@GGVCapital

@GGVCapital

GGV Capital

GGV Capital

GGV Capital is a venture capital firm based in Silicon Valley and China that has been successfully partnering with leading technology entrepreneurs for the last 16 years. Operating in the two largest economies in the world, the US and China, ensures an outside the bubble global perspective. 29 of our portfolio companies have gone public since 2010. With $3.8 billion under management across 8 funds, GGV invests in globally minded entrepreneurs in the Social/Commerce, IoT/Robotics, and Cloud/SaaS sectors.

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About Us

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