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MAU babytree.com BabyTree Inc. BabyTree Inc. Babytree Inc. BabyTree Holding Inc. BabyTree Holding Inc. BabyTree Trading Limited BabyTree Inc. [ ] [ ] [ ] 120

babytree.com Red Herring Red Herring Top 100 alexa.com babytree.com 30 2017 214 9.90% 121

50,000 500,000,000 0.0001 Golden Leaf Holdings Limited A. 2. 3. BabyTree Inc. [ ] 97,772,300 90% 10% 5 4.5 0.5 [ ] 5 5 122

5 1 ICP [ ] (i) ICP (ii) EDI 123

Harmony Spring Group LLC 100% 100% Dragon Cloud Tenzing Matrix Matrix Mediaway SIG China China BBT Matrix Investments Holdings Partners Partners Investments Weston Investments Broadband Special Partners LLC LLC China I, China I-A, Limited & Co. Master Capital LLC VIII L.P. L.P. L.P. VIII LLC Fund II, Partners II, LLP L.P. 10.23% 6.31% 9.40% 4.79% 15.93% 14.94% 1.51% 1.40% 0.04% 11.74% 7.68% 16.02% BabyTree Inc. 100% 100% 100% Baby Tree Holding Inc. 100% BabyTree Trading Limited 100% 100% 90% 10% (1) 124

11.77%2.84%2.81% 1.37% 1,176,520 283,530 281,110 136,840 BabyTree Inc. BabyTree Inc. BabyTree Inc. (1) 10312 2 C. 1. (i) (2) [ ] 17.69% 8.84%5.26%4.50%4.50%3.75%2.25%2.25% 0.75% 351,550,469 175,775,235 66,151,970 56,701,689 56,701,689 47,251,407 28,350,844 28,350,844 9,450,281 7.78% 28,350,844 (1) 125

[ ] 1 34.46% 8,122,000 2 17.69% 4,168,700 3 8.84% 2,084,300 4 7.78% 1,833,400 5 5.26% 1,238,600 6 4.99% 1,176,520 7 4.50% 1,061,700 8 4.50% 1,061,700 9 3.75% 884,700 10 2.25% 530,800 11 2.25% 530,800 12 1.20% 283,530 13 1.19% 281,110 14 0.75% 176,900 15 0.58% 136,840 100% 23,571,600 (3) [ ] 4.50% 0.26% 0.58% 24.00% 10.00%7.91%3.75%3.71%3.19%1.19%0.94%0.75% 0.49% 1,208,880,000 503,700,000 398,574,680 126

189,005,629 186,718,660 160,654,784 60,135,769 47,251,407 37,801,126 24,916,764 [ ] (5) BabyTree Inc. (4) BabyTree Inc. 28 BabyTree Trading Limited 144 BabyTree Inc. 4.5 0.5 (5) BabyTree Inc. BabyTree Inc. BabyTree Inc. BabyTree Inc. BabyTree Inc. 61.83% 38.17% 127

[ ] [ ] [ ] 1 25.30% 13,532,100 27.73% 14,833,330 2 24.00% 12,839,700 26.39% 14,118,850 3 7.91% 4,233,400 10.82% 5,790,290 4 7.79% 4,168,700 7.79% 4,168,700 5 3.43% 1,833,400 5.08% 2,718,100 6 4.18% 2,237,100 4.18% 2,237,100 7 3.90% 2,084,300 3.90% 2,084,300 8 3.75% 2,007,500 3.75% 2,007,500 9 2.09% 1,116,320 1.97% 1,055,090 10 1.19% 638,700 11 0.99% 530,840 12 1.99% 1,061,700 0.99% 530,840 13 0.94% 501,900 0.94% 501,900 14 0.75% 401,500 0.75% 401,500 15 0.72% 384,000 16 0.53% 283,530 0.53% 283,530 17 0.53% 281,110 0.53% 281,110 18 0.99% 530,800 0.43% 229,550 19 0.38% 200,750 20 0.37% 200,650 21 0.34% 179,050 22 0.19% 100,600 23 0.04% 22,080 24 1.65% 884,700 25 2.32% 1,238,600 26 1.99% 1,061,700 27 0.75% 401,500 28 3.71% 1,983,200 29 1.19% 638,700 30 0.33% 176,900 100% 53,498,360 100% 53,498,360 128

[ ] [ ] [ ] 129

[ ] [ ] [ ] 1 BabyTree BVI BabyTree BVI BabyTree BVI BabyTree BVI 2 Wang Family Limited Partnership (1) 19,478,749 27.73% Startree (BVI) Limited 18,540,431 26.39%Startree (BVI) Limited 7,603,474 10.82% 5,474,245 7.79% Tenzing Holdings 2011, Ltd. 3,569,484 5.08% (1) Wang Family Limited Partnership Golden Leaf Cayman Holdings Limited 0.01% Golden Leaf Holdings Limited 30%Harmony Sky Holdings Limited 30% Allen Wang Grantor Retained Annuity Trust 39.99% Golden Leaf Cayman Holdings Limited Golden Leaf Holdings Limited Golden Leaf Holdings Limited Harmony Sky Limited Allen Wang Grantor Retained Annuity Trust 130

Tembusu Nest Limited 2,937,804 4.18% HG Capital China Growth Fund I LP 2,737,123 3.90% CMFHK Alternative Opportunity Investment IV Limited 2,636,128 3.75% Lush Forests Limited 2,127,054 3.03% Yuxin Shengtai Investments Limited 838,735 1.19% Grand Genesis Enterprises Corporation 697,095 0.99% Wu Capital Limited 697,095 0.99% 659,032 0.94% Danfu Growth Limited 527,223 0.75% Tongjia Group 504,257 0.72% Good Reputation of Zhonghe Ltd 301,676 0.43% Iconic Towers of Zhonghe Ltd 263,613 0.38% Joy Falcon Limited 263,613 0.38% Evergreen Earth Limited 235,177 0.33% 131

Good Day of Zhonghe Ltd 131,806 0.19% Wingnou Investments Limited 28,997 0.04% 2,718,553,903 Wang Family Limited PartnershipEvergreen Earth LimitedLush Forests Limited CMFHK Alternative Opportunity Investment IV Limited Startree (BVI) LimitedYuxin Shengtai Investments LimitedTembusu Nest Limited HG Capital China Growth Fund I LP 3 BabyTree BVI BabyTree BVI 2,674,980,000 3 1% 27,020,000 99% 2,674,980,000 1% 27,020,000 4 3 132

25.00% 13.34% 4.00% 3.88% 4.36% (1) 5 5 6 [ ] 2,718,538,767.2 2 63,393,845.6 2,655,144,921.6 6,493,053 10.82% (1) 133

79.66% 10.82% 4.53% 1.76% 1.07% 0.89% 0.47% 0.47% 0.30% 0.04% (1) (2) (3) 7 (i) (ii) (iii) (iv) (v) (vi) 134

[ ] [ ] 27.73% 26.39% 0.04% 10.82% 7.79% 1.19% 0.99% 0.99% 4.18% 5.08% 0.43% 0.19% 0.38% 3.90% 0.38% 3.75% 0.94% 0.75% 0.72% 0.33% 3.03% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% (1) 79.66%10.82%4.53%1.76%1.07%0.89%0.47%0.47%0.30% 0.04% 135

Tenzing Holdings 2011, Ltd.Tenzing Tenzing (i) (ii) 26 (i) (ii) (i) (ii) (iii) 136

Tenzing (i) 50% (ii) 5% (iii) (iv) Tenzing (v) (vi) (vii) Tenzing (a) (b) A Tenzing [ ] 134,383.7 [ ] 1,343,836,998 [ ] BabyTree Inc. 4 BabyTree Inc. BabyTree Inc. TANG Yu Harmony Spring Group LLC Dragon Cloud Investments LLC 137

Tenzing Holdings LLCTenzing Holdings 2011, Ltd. [ ] 7.78% 127,623,081 4,404,799 86,524,123 2,986,304 9.90% [ ] (1) [ ] [ ] [ ] (1)... 0.39 0.59 1.52 138

230,191,247 786,639,601 2,163,103,214... [ ] (2)... [ ] [ ] [ ] [ ]... [ ] [ ] 68%...[ ] [ ]... [ ] [ ] (2) [ ] [ ] [ ] (1) (2) [ ] [ ] [ ] [ ] [ ] 139

[ ] [ ] [ ] [ ] (i) [ ] [ ] [ ] (ii) 45 Startree (BVI) Limited [ ] 140

[ ] Startree (BVI) Limited Startree (BVI) Limited Startree (BVI) Limited 10% (i) (ii) Startree (BVI) Limited Startree (BVI)Limited Startree (BVI) Limited 141

Startree (BVI) Limited 10% 10%Startree (BVI) Limited Startree (BVI) Limited Startree (BVI) Limited 10% (3) [ ] Startree (BVI) Limited Startree (BVI) Limited HK.0656 C2M Wingnou Investments Limited Wingnou Investments Limited TAL K-12 Bright Unison Limited 37.5% 73.5% JMEI Super ROI Global Holding LimitedSuper ROI Global Holding Limited Yuxin Shengtai Investments Limited Yuxin Shengtai Investments Limited Luyin Trading Pte. Ltd. Luyin Trading Pte. Ltd. 142

Grand Genesis Enterprises Corporation Grand Genesis Enterprises Corporation WU Capital Limited WU Capital Limited TMF (Cayman) Ltd. TMF (Cayman) Ltd. Tembusu Nest Limited Tembusu Nest Limited Tenzing Tenzing Tenzing Holdings LLC Tenzing Holdings LLC Tenzing Trust Tenzing Trust Good Reputation of Zhonghe Ltd.Good Day of Zhonghe Ltd. Iconic Towers of Zhonghe Ltd. Good Reputation of Zhonghe Ltd.Good Day of Zhonghe Ltd. Iconic Towers of Zhonghe Ltd. HG Capital China Growth Fund I LP HG Capital China Growth Fund I LP CSI Capital Management Limited CSI Capital Management Limited 600030 Joy Falcon Limited Joy Falcon Limited NOAH CMFHK Alternative Opportunity Investment IV Limited CMFHK Alternative Opportunity Investment IV Limited 143

64% Danfu Growth Limited Danfu Growth Limited 13 Danfu Growth Limited LI Ying LI Liangang 28% 22% Tongjia Group Tongjia Group Evergreen Earth Limited Evergreen Earth Limited 18 15 15 3.47% Evergreen Earth Limited BABA (4) Startree (BVI) Limited [ ] [ ] [ ] [ ] Startree (BVI) Limited [ ] 8.08 144

Wingnuo Investments Limited Wingnuo Investments Limited 8.08 [ ] Startree(BVI) Limited Wingnuo Investments Limited [ ] [ ] 8.08 [ ] (i)[ ] [ ] 28 (ii) [ ] [ ] [ ] [ ][ ] [ ] [ ] 75 37 (a) (b) 37 13 37 37 145

[ ] [ ] (1) 79.66%10.82%4.53%1.76%1.07%0.89%0.47%0.47%0.30% 0.04% (2) TenzingTenzing (3) 86% 8%5.7% 0.3% 146

[ ] [ ] [ ] (1) 79.66%10.82%4.53%1.76%1.07%0.89%0.47%0.47%0.30% 0.04% (2) TenzingTenzing (3) 86% 8%5.7% 0.3% (4) [ ] [ ] [ ] [ ] 147