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). The year also marked expansion on a number of fronts for our firm. 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 U.S. and China.

1. YEAR IN REVIEW
2016

2. 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!
2016
260 100
121 2016 90
2016 33
12
16
2017
A NOTE FROM OUR PARTNERS
THE MANAGING PARTNERS OF GGV CAPITAL

3. 2016 BY THE NUMBERS
63new and follow on investments total raised by portfolio
companies
$10.8B active portfolio companies
121
Fund VI, VI Plus, Discovery I
closed in 2016
$1.2B total value of portfolio exits
$26B

4. 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
APP
2016
5 Wish

5. 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,
China’s 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 world’s middle class such as AirBnB,
Ctrip, musical.ly, Wish and others have experienced unprecedented
growth in the last year.
2016
Tile Keep
OpenDoor
Wish Operator musical.ly
AirBnB
“ ”
AirBnB musical.ly Wish

6. 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, Grab
raised $750M, and is the leading ride-
share company in South-East Asia.
Grab CEO
Grab
“ ”
80% Grab
2016 Grab
7.5

7. 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 Grab
BigCommerce
Poshmark
Shiftgig
+

8. English content of future of work
trend;
Chinese translation
goes here.
Vincross
Vincross
HEXA
HEXA
“ ”
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.”

9. 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 Apple’s Siri or
Amazon’s 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

10. SELECT NEW INVESTMENTS IN 2016
IMMOTOR
Early & Seed Stage Investments
Growth Stage Investments

11. PORTFOLIO HIGHLIGHTS
BUCHANG 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
AIRBNB
AirBnB launched new initiatives around entire trips as well as a focus on China. The company raised $550 million (USD) this
year. Read More
AirBnB
DIDI CHUXING |
China’s 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
DRAFTKINGS
The 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
HEPTAGON
Austria’s 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 company’s 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

12. PORTFOLIO HIGHLIGHTS
APPIRIO
Global 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
OPENDOOR
OpenDoor is reinventing the way consumers buy and sell homes. The company raised $210 million (USD) in new financing in
2016. Read More
OPENDOOR 2016 2.1
GRAB
Southeast Asia’s leading ridesharing company Grab raised more than $750 million (USD) in new financing and announced
partnerships with China’s Didi, India’s Ola and America’s Lyft. Read More
GRAB 7.5 Ola Lyft
MUSICAL.LY
Rising 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%

13. NEW TEAM MEMBERS IN 2016
People 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.
2016
4
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 |

14. 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.
2000 29 14
8 38
/ / /SaaS
.
About Us