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Giant, Yunfeng to Join Series C Investment in Housing Rental Platform Mogo Room

Giant Network Group, 12/30/17

PC and mobile online game developer and operator Giant Network Group (002558.SZ) and its wholly owned subsidiary Giant Investment (HK) will participate in Series C+ funding for Bennet Holding, operator of housing rental platform Mogo Room. Giant Network Group will invest USD 9.5 mln (32.38%) of a total of USD 29,340,243 in Series C+ funding. Also participating in the round is Shanghai Yunfeng Xinchuang Equity Investment Partners, a venture fund held as to 60% by Target Media founder Yu Feng and 40% as to Alibaba Group (NYSE: BABA) founder Jack Ma.

Bennet Holding is registered in the Cayman Islands and uses a variable interest entity (VIE) structure to control Chinese affiliate Shanghai Shuoxian Network Technology and its related businesses, including online house rental platform Mogo Room (

In accordance with the VIE structure arrangement, and to protect the interests of Giant Network Group shareholders, Giant Investment (HK) will invest the equivalent of USD 9.5 mln, using a combination of RMB and USD to complete a domestic and foreign mirror investment. Giant Network Group will contribute RMB 57,926 of the total towards a registered capital increase for Shuoxian Network Technology, while Giant Investment (HK) will use the remaining funds to purchase preferred stock in Bennet Holding's Series C+ round of funding. Upon completion of the transaction, Giant Network Group will hold a 4.13% equity stake in Shuoxian Network Technology, while Giant Investment (HK) will hold a 4.13% equity in Bennet Holdings.

Bennet Holding Shareholding Structure Pre- and Post-Transaction

Shareholder Before Transaction After Transaction
Marquez 22.36% 19.46%
API (Hong Kong) 18.00% 18.00%
Mogooseed 14.98% 13.04%
IDG Technology 14.54% 12.65%
Haitong Xuyu 11.93% 10.38%
ESOP 7.45% 6.49%
KTB 6.27% 5.45%
Milos 3.28% 2.85%
Matti 1.19% 1.04%
Crystal Precision 0% 6.53%
Giant Investment (HK) 0% 4.13%
TOTAL 100% 100%

Crystal Precision Limited, API (Hong Kong) Investment Limited, and Yunxin Venture Capital (a wholly-owned subsidiary of Alibaba Group's financial services affiliate Ant Financial) will also participate in the capital increase of Shuoxian Network Technology.

Yu Feng, the actual controller of Crystal Precision and Yunfeng, is the son of Wang Yulian, the actual controller of Shanghai-based Laibu Investment Consulting with more than 5% of shares. Because of this, the transaction will be regarded as a related party transaction.

Shuoxian Shareholding Structure Pre- and Post-Transaction

ShareholderBefore TransactionAfter Transaction
Ma Xiaojun28.58%24.86%
Yunxin (subsidiary of Ant Financial)18.00%18.00%
Dingchuang Zhiyu 14.98%13.04%
Zhuhai Anran 14.54%12.65%
Haitong Capital11.93%10.38%
Xu Tingting6.26%5.45%
Long Dongping4.19%3.64%
Tian Dongling1.52%1.32%
Shanghai Yunfeng XinchuangN/A6.53%
Giant Network GroupN/A4.13%

Editor's Note: Mogo Room initially started out as a long-term rental apartment brand in 2014. In 2015, the company evolved into the Software as a Service (Saas) real estate agent platform that it is today. Currently, Mogo Room provides rental services in cities like Beijing, Shanghai, and Shenzhen, forming a closed-loop transaction system that includes apartment seeking, contract signing, payment, and after-sales services. With these services as a foundation, Mogo Room provides innovative financial services for tenants and apartment complex managers. For more background on the company's Series C funding round, please see Online Housing Rental Platform 'Mogo Room' Completes Series C Funding, MD 3/21/17 issue.

Keywords: Bennet Holding Shuoxian Network Technology Wang Yulian Ma Xiaojun Xu Tingting Long Dongping Tian Dongling Yunfeng Xinchuang Crystal Precision API Investment VC M&A Internet funding Series C Giant Investment Yunxin Venture Capital Giant Network 002558.SZ Mogo Room Yu Feng long-term housing rental


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