Congratulations to MOGU on its successful NYSE listing.

MOGU founder and CEO Qi Chen (right) at the NYSE bell-ringing ceremony

On December 6, U.S. Eastern Time, MOGU (NYSE: MOGU), a leading fashion and lifestyle destination, listed on the New York Stock Exchange. Qi Chen, MOGU's founder, chairman and CEO, along with other company executives, investor representatives, MOGU fashion influencer streamer "Little Sweetheart," and employee representative Yuwen Yu attended the listing ceremony, together witnessing this milestone moment for the company.

Chang Chen, founding partner of Gaorong Ventures, participated in MOGU's Series B financing while working at IDG Capital. In 2014, Gaorong Ventures continued to invest in MOGU's Series C round.

Public filings show that MOGU issued a total of 4.75 million ADSs (American Depositary Shares) in this IPO, with an initial public offering price of $14 per ADS, raising $66.5 million in total. Including the 712,500 ADSs available through the underwriters' over-allotment option, MOGU's maximum fundraising amount is approximately $76.5 million.

Public information shows that as of September 30, 2018, MOGU's monthly mobile active users reached 62.6 million, primarily young women aged 15 to 30. A recent report from QuestMobile, "Insights into Online Shopping Young Women," also showed that MOGU's active penetration TGI (Target Group Index) among "online shopping young women" (female mobile internet users under 24 with medium-to-high online consumption willingness) reached 601.6, ranking first among the top 10 e-commerce platforms.

Riding the wave of consumption upgrading, personalized fashion experiences have become an indispensable part of female consumers' lives. MOGU's unique content ecosystem precisely meets young female consumers' multifaceted needs for social interaction, shopping, and trends. MOGU's distinctive online fashion content and social model not only helps them sense fashion trends and discover what they want, but also directly enables them to conveniently purchase fashion items.

On the MOGU platform, fashion content is primarily presented through live streaming, short videos, graphic articles, and other formats. MOGU Live has become an important vehicle for fashion content and a highly efficient conversion scene for fashion merchandise.

One of the most important differences between MOGU and other internet platforms lies in its construction of a robust "three-sided network." On the MOGU platform, fashion influencers, merchants, and users are tightly integrated, with all parties benefiting. Users follow influencers to obtain fashion content and inspiration, and purchase fashion items from merchants; influencers aggregate user fans and monetize by providing greater exposure for merchants; merchants, in turn, strengthen their brands and enhance their premium through this distribution.

Qi Chen delivering his speech at the NYSE

In his speech, Qi Chen, MOGU's founder, chairman and CEO, stated that the IPO marks the beginning of a new journey for the company. With the mission of "making fashion accessible," MOGU is committed to becoming the leading fashion destination, and upholds "technology is productivity, beauty is also productivity" as one of the company's core values.

Warm congratulations to MOGU on its successful listing on the New York Stock Exchange!

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• Gaorong Ventures manages USD and RMB funds totaling approximately RMB 15 billion, focusing on early and growth-stage investments in the TMT sector.

• Its limited partners include top-tier global institutional investors as well as corporate giants from China's finance, retail, advertising, and other industries.

• Additionally, dozens of successful entrepreneurs, including founders of Tencent, Baidu, Taobao, Xiaomi, Meituan, Dianping, 360, 002027, Weibo, Sohu, JD.com, Vipshop, Tudou, Autohome, Ganji.com, and other companies, are also LPs of Gaorong Ventures.

• The founding partners previously led investments in numerous outstanding companies, including Xiaomi, Razer, Baofeng Technology, G-bits, Tudou, Wondershare, Archermind, 91 Assistant, 3G.cn, MOGU, DOTA Legend, Yuanfudao, and others.

• Since its establishment, many companies invested in or acquired by Gaorong have grown into national or global leaders in their respective industries, including: Pinduoduo (NASDAQ: PDD), HUYA Inc. (NYSE: HUYA), HMI (NYSE: HMI), MOGU (NYSE: MOGU), Lifesense (Shenzhen Stock Exchange: 300562), Meituan (Hong Kong Stock Exchange: 03690), Ping An Good Doctor (Hong Kong Stock Exchange: 01833), Zhongrongjin (acquired by Homa Appliances), DeePhi Tech (acquired by Xilinx), Qian Daibao (acquired by Meituan), Fanpu Jinke, Beibei, Leqi E-commerce, DotC, Nuro, YITU, Roborock, Tiangong Intelligence, Zhuiyi Technology, Tigerobo, Oasis Labs, Beitai Haoche, QuantGroup, Shuidihuzhu, Testin, Doumi, BIGO LIVE, Danke Apartment, Qian Damai, Perfect Diary, and Ucommune.

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