700 2410 22,399 18,400 22% 20,978 7% 13,434 10,600 27% 12,646 6% 9,372 7,790 20% 7,394 27% 6,930 6,432 8% 5,954 16% 6,883 6,457 7% 5,860 17% 7,053 5,194 36% 6,723 5% (1) 0.741 0.700 6% 0.632 17% 0.733 0.690 6% 0.625 17% (1) 0.759 0.563 35% 0.725 5% 0.752 0.555 35% 0.717 5% (1) 1
22% 223.99 40% 221.72 29% 186.26 131% 27.24 QQ 7% 68.83 36% 70.53 (1) (2) (3) NBA NBA 50 100 A3 A2 A- A 2
QQ 831.8 848.1-1.9% 815.3 2.0% QQ 603.2 490.2 23.1% 576.1 4.7% QQ 228.0 199.4 14.3% 217.4 4.9% WeChat 549.4 395.8 38.8% 500.0 9.9% QQ 667.9 644.2 3.7% 654.1 2.1% QQ 567.6 467.3 21.5% 539.8 5.2% 81.7 88.0-7.2% 83.7-2.4% QQ QQ QQ 23% 6.03 14% 2.28 QQ QQ 22% 5.68 WeChat 5.49 39% 3
WeChat QQ QQ QQ QQ 3 4
QQ 44.00 82% 8% 1 MT2 3 QQ 40% 75% 1 QQ 40.00 80% 5% 5
22,399 18,400 (8,965) (7,800) 13,434 10,600 521 375 411 1,607 (1,326) (1,855) (3,668) (2,937) 9,372 7,790 (433) (238) (310) 44 8,629 7,596 (1,699) (1,164) 6,930 6,432 6,883 6,457 47 (25) 6,930 6,432 7,053 5,194 6
22% 223.99 40% 221.72 (1) 18,626 83% 14,413 78% 2,724 12% 1,177 6% (2) 1,049 5% 2,810 16% 22,399 100% 18,400 100% (1) (2) 29% 186.26 28% 133.13 32% 53.13 QQ QQ 26% 24% 29% 7
131% 27.24 90% 199% QQ 15% 89.65 42% 40% 6,454 35% 4,371 30% 1,662 61% 766 65% 849 81% 2,663 95% 8,965 7,800 48% 64.54 35% 117% 16.62 8
68% 8.49 74% 4.11 29% 13.26 10% 6% 25% 36.68 16% 82% 4.33 46% 16.99 7% 68.83 36% 70.53 9
22,399 20,978 (8,965) (8,332) 13,434 12,646 521 443 411 343 (1,326) (2,063) (3,668) (3,975) 9,372 7,394 (433) (273) (310) (275) 8,629 6,846 (1,699) (892) 6,930 5,954 6,883 5,860 47 94 6,930 5,954 7,053 6,723 10
7% 223.99 8% 221.72 9% 186.26 11% 133.13 3% 53.13 QQ 4% 27.24 8% 89.65 40% 5% 64.54 5% 16.62 45% 8.49 11
36% 13.26 8% 36.68 17% 68.83 5% 70.53 EBITDA (a) 9,945 7,929 6,787 EBITDA (a) 10,506 8,424 7,121 EBITDA (b) 47% 40% 39% 329 264 112 (c) 25,319 22,758 34,245 (d) 1,332 1,603 1,138 (a) EBITDA EBITDA EBITDA (b) EBITDA EBITDA (c) (d) 12
EBITDA EBITDA 9,372 7,394 7,790 (521) (443) (375) (411) (343) (1,607) 782 766 704 723 555 275 EBITDA 9,945 7,929 6,787 561 495 334 EBITDA 10,506 8,424 7,121 13
(a) (b) (c) (d) 9,372 561 32 (839) 50 223 9,399 6,930 561 32 (829) 227 223 7,144 6,883 541 31 (829) 220 207 7,053 (1) 0.741 0.759 0.733 0.752 42% 42% 31% 32% (a) (b) (c) (d) 7,394 495 149 (1,153) 13 1,170 8,068 5,954 495 149 (1,155) 228 1,170 6,841 5,860 488 136 (1,158) 227 1,170 6,723 (1) 0.632 0.725 0.625 0.717 35% 38% 28% 33% 14
(a) (b) (c) (d) 7,790 334 234 (2,717) 16 820 6,477 6,432 334 234 (2,669) 55 820 5,206 6,457 328 219 (2,682) 52 820 5,194 (1) 0.700 0.563 0.690 0.555 42% 35% 35% 28% (1) (a) (b) (c) (d) 15
55,583 42,713 18,268 15,629 73,851 58,342 (9,369) (8,722) (39,163) (26,862) 25,319 22,758 253.19 740 176.95 83.50 96.88 13.38 16
7,774 7,918 4,402 3,830 266 268 748 751 10,441 9,304 3(a) 53,161 51,131 3(b) 4,276 2,941 563 63 432 322 4 17,171 13,277 996 1,209 4,121 4,831 104,351 95,845 279 244 5 5,195 4,588 9,153 7,804 14,147 10,798 13,832 9,174 55,583 42,713 98,189 75,321 202,540 171,166 17
5,599 5,131 (1,363) (1,309) 3,070 2,129 80,940 74,062 88,246 80,013 2,424 2,111 90,670 82,124 7 5,835 5,507 8 37,322 25,028 2,644 2,052 2,739 2,942 3,256 3,478 51,796 39,007 9 10,061 8,683 23,125 19,123 7 3,534 3,215 8 1,841 1,834 1,546 461 785 566 19,182 16,153 60,074 50,035 111,870 89,042 202,540 171,166 38,115 25,286 142,466 121,131 18
18,626 14,413 2,724 1,177 1,049 2,810 22,399 18,400 11 (8,965) (7,800) 13,434 10,600 521 375 10 411 1,607 11 (1,326) (1,855) 11 (3,668) (2,937) 9,372 7,790 (433) (238) (310) 44 8,629 7,596 12 (1,699) (1,164) 6,930 6,432 19
6,883 6,457 47 (25) 6,930 6,432 (1) 13 0.741 0.700 13 0.733 0.690 (1) 20
6,930 6,432 70 8 1,764 (37) 187 17 2,021 (12) 8,951 6,420 8,898 6,441 53 (21) 8,951 6,420 21
5,131 (1,309) 2,129 74,062 80,013 2,111 82,124 6,883 6,883 47 6,930 70 70 70 1,764 1,764 1,764 181 181 6 187 2,015 6,883 8,898 53 8,951 5 5 63 42 105 6 111 40 40 40 374 62 436 14 450 (63) (63) (63) (9) 9 5 (5) 468 (54) 109 (5) 518 25 543 247 247 12 12 (12) (1,195) (1,195) (1,195) 468 (54) (1,074) (5) (665) 260 (405) 5,599 (1,363) 3,070 80,940 88,246 2,424 90,670 22
2,846 (871) 3,746 52,224 57,945 518 58,463 6,457 6,457 (25) 6,432 8 8 8 (37) (37) (37) 13 13 4 17 (16) 6,457 6,441 (21) 6,420 11 18 29 3 32 64 64 64 268 31 299 3 302 (14) (14) (14) (4) 4 339 (10) 49 378 6 384 84 84 230 230 (10) 220 (479) (479) (86) (565) 339 (10) (200) 129 (6) 123 3,185 (881) 3,530 58,681 64,515 491 65,006 23
9,688 6,574 (9,540) (3,378) 12,787 3,043 12,935 6,239 42,713 20,228 (65) 56 55,583 26,523 20,707 20,580 34,876 5,943 55,583 26,523 24
1 34 2 25
18,626 2,724 1,049 22,399 12,172 1,062 200 13,434 499 43 10 552 99 519 618 (68) (8) (234) (310) 14,413 1,177 2,810 18,400 10,042 411 147 10,600 454 38 10 502 45 182 227 145 (45) (56) 44 26
3 (a) 32,137 32,064 21,024 19,067 53,161 51,131 (b) 4,276 2,941 57,437 54,072 (a) 51,131 10,867 ((i) (ii)) 1,922 13,466 529 (312) 45 70 8 (269) (192) (iii) (75) (407) (15) 180 53,161 23,787 (i) 0.60 3.69 26.15% 27
(ii) 15.53 O2O (iii) 0.75 4.07 (b) 1.50 9.21 26.60% 2.25 4 ((a) (b)) 5,594 3,631 11,577 9,646 17,171 13,277 28
9,646 6,270 (c) 808 892 (50) 1,106 197 (79) (18) 35 11,577 7,230 (a) 7.54 3.60 (b) 1.50 9.21 3.3% (c) 8.08 O2O 29
5 0 30 2,587 2,032 31 60 1,729 1,464 61 90 629 667 90 250 425 5,195 4,588 30 120 60 90 6 (a) (i) (ii) I II 30
(iii) II II II (iv) III III III I II III (2) 57.36 36,432,000 31.70 5,000,000 41,432,000 (2) (2) 12.75 (4,005,890) (4,005,890) (2) 25.14 (212,500) (212,500) (2) 63.12 32,213,610 31.70 5,000,000 37,213,610 (2) 42.51 11,687,512 31.70 1,250,000 12,937,512 (1) 11.25 819,266 75.69 12,648,005 158.50 1,000,000 14,467,271 (1) 572.60 2,307,500 2,307,500 (1) 11.25 (819,224) 52.03 (1,369,356) (2,188,580) (1) 14.53 (42) 116.38 (600,000) (600,042) (1) 164.60 12,986,149 158.50 1,000,000 13,986,149 (1) 55.82 6,698,999 6,698,999 31
(1) (2) 1,000,000 (b) (ii) 6,650,532 82,035,522 88,686,054 (ii) 591,738 591,738 (ii) (328,790) 328,790 (ii) 1,327,215 (1,327,215) (ii) (2,532,241) (2,532,241) (ii) 8,240,695 78,504,856 86,745,551 (ii) (i) 1,435,659 18,065,996 19,501,655 (i) 31,583 31,583 (i) (1,156,845) 1,156,845 (i) 351,452 (351,452) (i) (180,597) (180,597) (i) 661,849 18,690,792 19,352,641 (i) 2,050 32
(i) (ii) 25,000 7 (a) 5,835 5,507 125 125 (b) 2,150 1,836 (a) 1,259 1,254 3,534 3,215 9,369 8,722 (a) 11.55 11.05 LIBOR 1.35% 1.75% LIBOR 1.35% 1.75% (b) 3.50 3.00 LIBOR 0.85% 1.00% 1.125% LIBOR 0.85% 1.00% 33
8 34,795 22,511 2,527 2,517 37,322 25,028 1,841 1,834 39,163 26,862 60.00 40.00 32.00 32.00 1.860% 4.625% 1.860% 4.625% 20.00 11.00 I 9.00 II 19.87 121.94 I II 34
9 0 30 6,533 5,775 31 60 1,384 936 61 90 796 618 90 1,348 1,354 10,061 8,683 10 839 2,717 (223) (820) 41 5 9 7 (250) (150) (5) (152) 411 1,607 35
11 (a) 4,058 3,244 3,673 2,201 159 2,352 1,176 977 989 371 864 1,305 (a) 780 704 (b) 723 275 213 256 139 96 (a) 20.27 15.12 16.45 12.01 1.71 1.50 (b) 12 (a) (b) 16.5% 36
(c) 25% 15% 10% 15% 50% (d) 36% (e) 12.5% 35% (f) 10% 10% 5% 5% 37
1,785 424 (86) 740 1,699 1,164 25% 8,629 7,596 310 (44) 8,939 7,552 25% 2,235 1,888 (870) (1,653) (76) (64) (6) 175 250 450 241 258 35 1,699 1,164 38
13 (a) 6,883 6,457 9,287 9,225 0.741 0.700 (b) 39
6,883 6,457 9,287 9,225 20 50 78 85 9,385 9,360 0.733 0.690 14 0.36 1.20 0.24 40
15 1.77 10.85 81.47% 16 (a) 58 58 52 4.00 24.57 58 25.1% (b) 50 100 41
27,948 26,941 40.58 32.44 A.2.1 A.4.2 42
Jacobus Petrus (Koos) Bekker Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone 43
58 EBITDA 58.com Inc. 44
LIBOR NBA O2O I II III JD.com, Inc. 45
0.0001 0.00002 46