|
BlueCity Holdings Limited
Baoli Ma BlueCity Media Limited Shimmery Sapphire Holding Limited Cantrust (Far East) Limited Block 2 Tower B Room 028, No. 22 Pingguo Shequ, Bai Zi Wan Road, Chaoyang District Beijing 100022 |
| |
Multelements Limited
Diversefuture Limited Block 2 Tower B Room 028, No. 22 Pingguo Shequ, Bai Zi Wan Road, Chaoyang District Beijing 100022 CEC Development Mansion F12, Sanyuan Bridge, Beijing |
|
|
Metaclass Management ELP
Chizicheng Strategy Investment Limited Spriver Tech Limited Chunhe Liu CEC Development Mansion F12, Sanyuan Bridge, Beijing |
| |
Aviator D, L.P.
CDH China HF Holdings Company Limited Rainbow Rain Limited Roger Field Fund, L.P. CDH Harvest Holdings Limited Shangzhi Wu 3rd Floor, Kaishi Building, No.1 Yan’an East Road, Huangpu District, Shanghai Tel: (+86) 158 1070 2036 |
|
|
Yuting Wu, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP JingAn Kerry Center, Tower II, 46/F 1539 Nanjing West Road Shanghai, the People’s Republic of China Telephone: +86 21-6193-8200 |
| |
Yang Wang
Simpson Thacher & Bartlett LLP 3901 China World Tower A 1 Jianguomenwai Avenue Beijing 100004, China Telephone: (+86) 10 5965 2976 |
|
|
Brian V. Breheny, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP 1440 New York Avenue, N.W. Washington, D.C. 20005 Telephone: (202) 371-7000 |
| |
Yi Gao
Simpson Thacher & Bartlett LLP ICBC Tower – 35th Floor 3 Garden Road, Central Hong Kong, China |
|
a
|
☐
|
The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14-C or Rule 13e-3(c) under the Securities Exchange Act of 1934. |
b
|
☐
|
The filing of a registration statement under the Securities Act of 1933. |
c
|
☐
|
A tender offer |
d
|
☒
|
None of the above |
| | |
Page
|
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| | | | 3 | | | |
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| | | | 6 | | | |
| | | | 7 | | | |
| | | | 8 | | | |
| | | | 9 | | | |
| | | | 9 | | | |
| | | | 10 | | | |
| | | | 10 | | | |
| | | | 11 | | | |
| | | | 11 | | | |
| | | | 11 | | | |
| | | | 12 | | |
| Sincerely, | | | Sincerely, | |
|
/s/ Wenjie (Jenny) Wu
Wenjie (Jenny) Wu
Chairperson of the Special Committee |
| |
/s/ Baoli Ma
Baoli Ma
Chairman of the Board and Chief Executive Officer |
|
| | |
Page
|
| |||
| | | | 3 | | | |
| | | | 15 | | | |
| | | | 22 | | | |
| | | | 66 | | | |
| | | | 68 | | | |
| | | | 75 | | | |
| | | | 93 | | | |
| | | | 94 | | | |
| | | | 96 | | | |
| | | | 98 | | | |
| | | | 99 | | | |
| | | | 101 | | | |
| | | | 102 | | | |
| | | | 104 | | | |
| | | | A-1 | | | |
| | | | B-1 | | | |
| | | | C-1 | | | |
| | | | D-1 | | | |
| | | | E-1 | | | |
| | | | F-1 | | | |
| | | | G-1 | | | |
| | | | H-1 | | |
| | |
Management Projections
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2022P
|
| |
2023P
|
| |
2024P
|
| |
2025P
|
| |
2026P
|
| |
2027P
|
| |
2028P
|
| |
2029P
|
| |
2030P
|
| |||||||||||||||||||||||||||
| | |
(in RMB millions except percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Net Revenues
|
| | | | 1,066.47 | | | | | | 1,328.07 | | | | | | 1,506.84 | | | | | | 1,625.41 | | | | | | 1,737.51 | | | | | | 1,845.37 | | | | | | 1,954.45 | | | | | | 2,067.22 | | | | | | 2,176.37 | | |
Cost of Revenue
|
| | | | (742.57) | | | | | | (937.98) | | | | | | (1,067.72) | | | | | | (1,145.26) | | | | | | (1,220.99) | | | | | | (1,294.88) | | | | | | (1,370.51) | | | | | | (1,439.96) | | | | | | (1,508.00) | | |
Gross Profit
|
| | | | 323.90 | | | | | | 390.09 | | | | | | 439.12 | | | | | | 480.14 | | | | | | 516.51 | | | | | | 550.49 | | | | | | 583.94 | | | | | | 627.26 | | | | | | 668.37 | | |
Margin%
|
| | | | 30.4% | | | | | | 29.4% | | | | | | 29.1% | | | | | | 29.5% | | | | | | 29.7% | | | | | | 29.8% | | | | | | 29.9% | | | | | | 30.3% | | | | | | 30.7% | | |
EBITDA
|
| | | | (104.93) | | | | | | (71.18) | | | | | | (41.12) | | | | | | (16.38) | | | | | | 3.94 | | | | | | 21.17 | | | | | | 34.72 | | | | | | 54.81 | | | | | | 71.94 | | |
Margin%
|
| | | | -9.8% | | | | | | -5.4% | | | | | | -2.7% | | | | | | -1.0% | | | | | | 0.2% | | | | | | 1.1% | | | | | | 1.8% | | | | | | 2.7% | | | | | | 3.3% | | |
EBIT
|
| | | | (118.51) | | | | | | (86.89) | | | | | | (55.90) | | | | | | (31.13) | | | | | | (9.43) | | | | | | 7.13 | | | | | | 20.02 | | | | | | 43.09 | | | | | | 59.56 | | |
Margin%
|
| | | | -11.1% | | | | | | -6.5% | | | | | | -3.7% | | | | | | -1.9% | | | | | | -0.5% | | | | | | 0.4% | | | | | | 1.0% | | | | | | 2.1% | | | | | | 2.7% | | |
Net Income
|
| | | | (116.76) | | | | | | (85.57) | | | | | | (54.87) | | | | | | (30.24) | | | | | | (8.59) | | | | | | 8.02 | | | | | | 21.06 | | | | | | 44.37 | | | | | | 48.92 | | |
Margin%
|
| | | | -10.9% | | | | | | -6.4% | | | | | | -3.6% | | | | | | -1.9% | | | | | | -0.5% | | | | | | 0.4% | | | | | | 1.1% | | | | | | 2.1% | | | | | | 2.2% | | |
Capital Expenditures (1)
|
| | | | 6.39 | | | | | | 7.96 | | | | | | 9.03 | | | | | | 9.74 | | | | | | 10.41 | | | | | | 11.06 | | | | | | 11.71 | | | | | | 12.39 | | | | | | 13.04 | | |
Net Working Capital
|
| | | | (44.48) | | | | | | (41.62) | | | | | | (48.16) | | | | | | (54.91) | | | | | | (61.97) | | | | | | (69.07) | | | | | | (76.29) | | | | | | (83.69) | | | | | | (91.43) | | |
| | |
Revenue Growth
|
| |
EBITDA Growth
|
| |
EBITDA Margin
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company
|
| |
3-YR
CAGR |
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
3-YR
CAGR |
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
3-YR
AVG |
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |||||||||||||||||||||||||||||||||||||||||||||
Kuaishou Technology
|
| | | | 58.7% | | | | | | 37.9% | | | | | | 21.8% | | | | | | 23.5% | | | | | | 18.0% | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | -11.5% | | | | | | -28.7% | | | | | | -23.9% | | | | | | -13.7% | | | | | | -0.9% | | |
Bilibili Inc.
|
| | | | 67.4% | | | | | | 61.5% | | | | | | 30.5% | | | | | | 31.2% | | | | | | 28.7% | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | -12.8% | | | | | | -20.6% | | | | | | -17.0% | | | | | | -4.9% | | | | | | 3.8% | | |
Tencent Music Entertainment Group
|
| | | | 18.1% | | | | | | 7.2% | | | | | | -12.0% | | | | | | -0.4% | | | | | | 3.3% | | | | | | 22.5% | | | | | | -15.7% | | | | | | -10.4% | | | | | | -17.2% | | | | | | -0.9% | | | | | | 15.8% | | | | | | 12.9% | | | | | | 13.1% | | | | | | 10.9% | | | | | | 10.5% | | |
Weibo Corporation
|
| | | | 9.5% | | | | | | 33.6% | | | | | | 7.8% | | | | | | 9.9% | | | | | | 6.1% | | | | | | 5.6% | | | | | | 39.6% | | | | | | 1.8% | | | | | | 15.9% | | | | | | 12.7% | | | | | | 33.5% | | | | | | 33.3% | | | | | | 31.5% | | | | | | 33.2% | | | | | | 35.3% | | |
Scienjoy Holding Corporation(1)
|
| | | | NA | | | | | | 57.4% | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | 2.1% | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | 16.1% | | | | | | 12.5% | | | | | | NA | | | | | | NA | | | | | | NA | | |
Zhihu Inc.
|
| | | | NA | | | | | | 118.9% | | | | | | 59.3% | | | | | | 53.1% | | | | | | 54.7% | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | -81.4% | | | | | | -46.3% | | | | | | -26.0% | | | | | | -16.7% | | | | | | -8.7% | | |
Inke Limited
|
| | | | 33.5% | | | | | | 85.4% | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | -3.9% | | | | | | 719.9% | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | 2.8% | | | | | | 6.0% | | | | | | NA | | | | | | NA | | | | | | NA | | |
DouYu International Holdings Limited
|
| | | | 72.0% | | | | | | -5.4% | | | | | | -20.8% | | | | | | 5.0% | | | | | | 2.0% | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | -6.3% | | | | | | -5.4% | | | | | | -5.8% | | | | | | -4.6% | | | | | | -6.0% | | |
Hello Group Inc.
|
| | | | 2.8% | | | | | | -3.0% | | | | | | -1.8% | | | | | | 7.2% | | | | | | 6.4% | | | | | | -13.5% | | | | | | -21.6% | | | | | | -26.2% | | | | | | 15.2% | | | | | | 3.4% | | | | | | 19.3% | | | | | | 15.6% | | | | | | 11.7% | | | | | | 12.6% | | | | | | 12.2% | | |
HUYA Inc.
|
| | | | 70.9% | | | | | | 4.0% | | | | | | -5.6% | | | | | | 5.7% | | | | | | 12.1% | | | | | | NA | | | | | | -80.0% | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | 4.3% | | | | | | 1.5% | | | | | | -3.8% | | | | | | -2.2% | | | | | | -0.2% | | |
JOYY Inc.
|
| | | | 2.6% | | | | | | 36.2% | | | | | | 10.2% | | | | | | 10.3% | | | | | | 8.2% | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | 60.2% | | | | | | -4.7% | | | | | | -5.9% | | | | | | -5.2% | | | | | | 3.9% | | | | | | 5.6% | | | | | | 4.9% | | |
Mean | | | | | 37.3% | | | | | | 39.4% | | | | | | 9.9% | | | | | | 16.2% | | | | | | 15.5% | | | | | | 2.7% | | | | | | 107.4% | | | | | | -11.6% | | | | | | 18.5% | | | | | | 2.6% | | | | | | -2.4% | | | | | | -2.2% | | | | | | -1.8% | | | | | | 2.2% | | | | | | 5.6% | | |
Median | | | | | 33.5% | | | | | | 36.2% | | | | | | 7.8% | | | | | | 9.9% | | | | | | 8.2% | | | | | | 0.8% | | | | | | -6.8% | | | | | | -10.4% | | | | | | 15.5% | | | | | | 1.3% | | | | | | 2.8% | | | | | | 1.5% | | | | | | -3.8% | | | | | | -2.2% | | | | | | 3.8% | | |
The Company
|
| | | | 29.0% | | | | | | 4.4% | | | | | | -0.9% | | | | | | 24.5% | | | | | | 13.5% | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | -13.7% | | | | | | -14.0% | | | | | | -8.8% | | | | | | -4.6% | | | | | | -2.0% | | |
| | |
Enterprise Value as a Multiple of
|
| |
Stock Price as a Multiple of
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company
|
| |
2021
EBITDA |
| |
2022
EBITDA |
| |
2023
EBITDA |
| |
2024
EBITDA |
| |
2021
Revenue |
| |
2022
Revenue |
| |
2023
Revenue |
| |
2024
Revenue |
| |
Book
Value per Share |
| |
Tangible
Book Value per Share |
| ||||||||||||||||||||||||||||||
Kuaishou Technology
|
| | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | 2.33x | | | | | | 1.91x | | | | | | 1.55x | | | | | | 1.31x | | | | | | 4.40x | | | | | | 4.51x | | |
Bilibili Inc.
|
| | | | NM | | | | | | NM | | | | | | NM | | | | | | 23.9x | | | | | | 1.99x | | | | | | 1.52x | | | | | | 1.16x | | | | | | 0.90x | | | | | | 2.57x | | | | | | 3.59x | | |
Tencent Music Entertainment Group
|
| | | | 3.9x | | | | | | 4.3x | | | | | | 5.2x | | | | | | 5.2x | | | | | | 0.51x | | | | | | 0.58x | | | | | | 0.58x | | | | | | 0.57x | | | | | | 0.90x | | | | | | 1.69x | | |
Weibo Corporation
|
| | | | 2.0x | | | | | | 1.9x | | | | | | 1.7x | | | | | | 1.5x | | | | | | 0.66x | | | | | | 0.61x | | | | | | 0.55x | | | | | | 0.52x | | | | | | 1.36x | | | | | | 1.48x | | |
Scienjoy Holding Corporation(1)
|
| | | | 1.6x | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | 0.20x | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | 0.93x | | | | | | 1.69x | | |
Zhihu Inc.
|
| | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | 0.74x | | | | | | 0.76x | | |
Inke Limited
|
| | | | NM | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NM | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | 0.54x | | | | | | 0.63x | | |
DouYu International Holdings Limited
|
| | | | NM | | | | | | NM | | | | | | NM | | | | | | NA | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | 0.53x | | | | | | 0.54x | | |
Hello Group Inc.
|
| | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | 0.58x | | | | | | 0.58x | | |
HUYA Inc.
|
| | | | NM | | | | | | NM | | | | | | NM | | | | | | NA | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | 0.57x | | | | | | 0.57x | | |
JOYY Inc.
|
| | | | NM | | | | | | NM | | | | | | NM | | | | | | NA | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | 0.52x | | | | | | 0.93x | | |
Mean | | | | | 2.5x | | | | | | 3.1x | | | | | | 3.4x | | | | | | 10.2x | | | | | | 1.14x | | | | | | 1.16x | | | | | | 0.96x | | | | | | 0.83x | | | | | | 1.24x | | | | | | 1.54x | | |
Median | | | | | 2.0x | | | | | | 3.1x | | | | | | 3.4x | | | | | | 5.2x | | | | | | 0.66x | | | | | | 1.07x | | | | | | 0.87x | | | | | | 0.73x | | | | | | 0.74x | | | | | | 0.93x | | |
Selected M&A Transaction Analysis
(US$ in millions) |
| ||||||||||||||||||||||||||||||||||||||||||
Announced
|
| |
Target Name
|
| |
Acquirer Name
|
| |
Enterprise
Value |
| |
LTM
Revenue |
| |
LTM
EBITDA |
| |
EBITDA
Margin |
| |
EV /
Revenue |
| |
EV /
EBITDA |
| ||||||||||||||||||
8/23/2021
|
| | Resi Media LLC | | | Pushpay Holdings Limited | | | | $ | 150 | | | | | $ | 17 | | | | | | NA | | | | | | NA | | | | | | 8.83x | | | | | | NA | | |
2/5/2021
|
| | SpotX, Inc. | | | Magnite, Inc. | | | | $ | 1,141 | | | | | $ | 171 | | | | | $ | 35 | | | | | | 20.4% | | | | | | 6.66x | | | | | | 32.6x | | |
1/7/2021
|
| | StreamYard, Inc. | | | Hopin Ltd. | | | | $ | 250 | | | | | $ | 30 | | | | | | NA | | | | | | NA | | | | | | 8.33x | | | | | | NA | | |
11/16/2020
|
| | Domestic Video-Based Entertainment Live Streaming Business of JOYY Inc. | | | Baidu, Inc. | | | | $ | 3,600 | | | | | $ | 2,788 | | | | | | NA | | | | | | NA | | | | | | 1.29x | | | | | | NA | | |
8/10/2020
|
| | HUYA Inc. | | | Tencent Holdings Limited | | | | $ | 4,396 | | | | | $ | 1,414 | | | | | $ | 80 | | | | | | 5.7% | | | | | | 3.11x | | | | | | 54.9x | | |
7/6/2020
|
| | SINA Corporation | | | Chairman of Board and Chief Executive Officer of SINA Corporation | | | | $ | 3,187 | | | | | $ | 2,098 | | | | | $ | 485 | | | | | | 23.1% | | | | | | 1.52x | | | | | | 6.6x | | |
3/5/2020
|
| | The Meet Group, Inc. | | | Parship Group GmbH | | | | $ | 506 | | | | | $ | 212 | | | | | $ | 33 | | | | | | 15.5% | | | | | | 2.39x | | | | | | 15.4x | | |
3/4/2019
|
| |
BIGO Technology Pte. Ltd.
|
| | YY Inc. (nka:JOYY Inc.) | | | | $ | 2,330 | | | | | $ | 440 | | | | | | NA | | | | | | NA | | | | | | 5.30x | | | | | | NA | | |
1/18/2018
|
| | auFeminin.com | | | Télévision Française 1 Société anonyme | | | | $ | 379 | | | | | $ | 139 | | | | | $ | 25 | | | | | | 18.1% | | | | | | 2.73x | | | | | | 15.0x | | |
Mean
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4.46x | | | | | | 24.9x | | |
Median
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3.11x | | | | | | 15.4x | | |
| | |
Ownership Prior to the Merger(1)
|
| |
Ownership After the Merger(2)
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Net Book Value
|
| |
Net Loss
|
| |
Net Book Value
|
| |
Net Loss
|
| ||||||||||||||||||||||||||||||||||||
Name
|
| |
US’000
|
| |
%
|
| |
US’000
|
| |
%
|
| |
US’000
|
| |
%
|
| |
US’000
|
| |
%
|
| ||||||||||||||||||||||||
Founder
|
| | | | 21,903 | | | | | | 31.1 | | | | | | 15,208 | | | | | | 31.1 | | | | | | 8,957 | | | | | | 12.8 | | | | | | 6,219 | | | | | | 12.8 | | |
BlueCity Media Limited
|
| | | | 21,204 | | | | | | 30.3 | | | | | | 14,722 | | | | | | 30.3 | | | | | | 8,957 | | | | | | 12.8 | | | | | | 6,219 | | | | | | 12.8 | | |
Shimmery Sapphire Holding Limited
|
| | | | 21,204 | | | | | | 30.3 | | | | | | 14,722 | | | | | | 30.3 | | | | | | 8,957 | | | | | | 12.8 | | | | | | 6,219 | | | | | | 12.8 | | |
Cantrust (Far East) Limited
|
| | | | 21,204 | | | | | | 30.3 | | | | | | 14,722 | | | | | | 30.3 | | | | | | 8,957 | | | | | | 12.8 | | | | | | 6,219 | | | | | | 12.8 | | |
Aviator D, L.P.
|
| | | | 1,260 | | | | | | 1.8 | | | | | | 875 | | | | | | 1.8 | | | | | | 1,260 | | | | | | 1.8 | | | | | | 875 | | | | | | 1.8 | | |
CDH China HF Holdings Company Limited
|
| | | | 1,260 | | | | | | 1.8 | | | | | | 875 | | | | | | 1.8 | | | | | | 1,260 | | | | | | 1.8 | | | | | | 875 | | | | | | 1.8 | | |
Rainbow Rain Limited
|
| | | | 4,059 | | | | | | 5.8 | | | | | | 2,818 | | | | | | 5.8 | | | | | | 3,849 | | | | | | 5.5 | | | | | | 2,672 | | | | | | 5.5 | | |
Roger Field Fund, L.P.
|
| | | | 4,059 | | | | | | 5.8 | | | | | | 2,818 | | | | | | 5.8 | | | | | | 3,849 | | | | | | 5.5 | | | | | | 2,672 | | | | | | 5.5 | | |
CDH Harvest Holdings Limited
|
| | | | 4,059 | | | | | | 5.8 | | | | | | 2,818 | | | | | | 5.8 | | | | | | 3,849 | | | | | | 5.5 | | | | | | 2,672 | | | | | | 5.5 | | |
Shangzhi Wu
|
| | | | 5,318 | | | | | | 7.6 | | | | | | 3,693 | | | | | | 7.6 | | | | | | 5,108 | | | | | | 7.3 | | | | | | 3,547 | | | | | | 7.3 | | |
Sponsor Filing Persons
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 55,913 | | | | | | 79.9 | | | | | | 38,821 | | | | | | 79.9 | | |
Name of Directors and Officers
|
| |
Shares
Beneficially Owned (Excluding Rollover Shares) |
| |
Cash Payments
for Shares (US$) |
| |
Rollover
Options Beneficially Owned |
| |
Cashed-out
Options Beneficially Owned |
| |
Cash Payments
for Options (US$) |
| |
Total Cash
Payments (US$) |
| ||||||||||||||||||
Baoli Ma
|
| | | | 3,153,155.5 | | | | | $ | 10,090,097.60 | | | | | | 224,312.5 | | | | | | 37,943.0 | | | | | $ | 121,038.17 | | | | | $ | 10,211,135.77 | | |
Shengwen (Roy) Rong
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Wenjie (Jenny) Wu
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Weiru Chen
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Guojie Shi
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Junchen Sun
|
| | | | 18,396.5 | | | | | $ | 58,868.80 | | | | | | — | | | | | | 3,429.5 | | | | | $ | 10,940.11 | | | | | $ | 69,808.91 | | |
Liang Zhao
|
| | | | 9,652.5 | | | | | $ | 30,888.00 | | | | | | — | | | | | | 15,513.0 | | | | | $ | 49,486.47 | | | | | $ | 80,374.47 | | |
All directors and executive officers as a group
|
| | | | 3,181,204.5 | | | | | $ | 10,179,854.40 | | | | | | 224,312.5 | | | | | | 56,885.5 | | | | | $ | 181,464.75 | | | | | $ | 10,361,319.15 | | |
Description
|
| |
Amount
(US$) |
| |||
Legal fees and expenses
|
| | | | 2,110,000 | | |
Financial advisory fees and expenses
|
| | | | 730,000 | | |
Filing fees
|
| | | | 4,524 | | |
Special Committee compensation
|
| | | | 312,000 | | |
Miscellaneous
(e.g., ADS program termination fees, accounting, printer, proxy solicitation and mailing costs) |
| | | | 2,406,600 | | |
Total
|
| | |
|
5,563,124
|
| |
| | |
Trading Price
(US$) |
| |||||||||
| | |
High
|
| |
Low
|
| ||||||
2020 | | | | | | | | | | | | | |
Third Quarter (since July 9, 2020)
|
| | | | 28.00 | | | | | | 8.61 | | |
Fourth Quarter
|
| | | | 14.99 | | | | | | 8.04 | | |
2021 | | | | | | | | | | | | | |
First Quarter
|
| | | | 20.46 | | | | | | 8.05 | | |
Second Quarter
|
| | | | 9.30 | | | | | | 6.30 | | |
Third Quarter
|
| | | | 7.65 | | | | | | 2.90 | | |
Fourth Quarter
|
| | | | 3.37 | | | | | | 1.25 | | |
2022 | | | | | | | | | | | | | |
First Quarter
|
| | | | 2.02 | | | | | | 1.08 | | |
Second Quarter (through May 24, 2022)
|
| | | | 1.44 | | | | | | 1.15 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$(1)
|
| |||||||||
Consolidated statements of comprehensive loss data | | | | | | | | | | | | | | | | | | | |
Revenues
|
| | | | 1,031,323,444 | | | | | | 1,076,591,430 | | | | | | 168,940,688 | | |
Cost and expenses: | | | | | | | | | | | | | | | | | | | |
Cost of revenues
|
| | | | (720,370,586) | | | | | | (728,065,167) | | | | | | (114,249,312) | | |
Selling and marketing expenses
|
| | | | (187,281,558) | | | | | | (220,464,208) | | | | | | (34,595,645) | | |
Technology and development expenses
|
| | | | (149,255,609) | | | | | | (219,741,246) | | | | | | (34,482,197) | | |
General and administrative expenses
|
| | | | (209,086,316) | | | | | | (109,099,156) | | | | | | (17,120,038) | | |
Impairment of intangible assets
|
| | | | — | | | | | | (2,915,000) | | | | | | (457,427) | | |
Impairment of goodwill
|
| | | | — | | | | | | (106,949,249) | | | | | | (16,782,671) | | |
Total cost and expenses
|
| | | | (1,265,994,069) | | | | | | (1,387,234,026) | | | | | | (217,687,290) | | |
Operating loss
|
| | | | (234,670,625) | | | | | | (310,642,596) | | | | | | (48,746,602) | | |
Changes in fair value of financial instruments
|
| | | | (5,247) | | | | | | — | | | | | | — | | |
Gain (loss) on disposal of an investment security
|
| | | | 4,863,233 | | | | | | (50,000) | | | | | | (7,846) | | |
Gain on extinguishment of a convertible debt
|
| | | | — | | | | | | — | | | | | | — | | |
Interest income
|
| | | | 6,517,961 | | | | | | 1,889,658 | | | | | | 296,529 | | |
Loss before income taxes
|
| | | | (223,294,678) | | | | | | (308,802,938) | | | | | | (48,457,919) | | |
Income tax (expense) benefit
|
| | | | 1,441,814 | | | | | | (821,006) | | | | | | (128,834) | | |
Net loss
|
| | | | (221,852,864) | | | | | | (309,623,944) | | | | | | (48,586,753) | | |
(Accretion) reversal of accretion and modification of Redeemable Convertible Preferred Shares to redemption value
|
| | | | 244,080,678 | | | | | | — | | | | | | — | | |
Net (loss) income available for distribution
|
| | | | 22,227,814 | | | | | | (309,623,944) | | | | | | (48,586,753) | | |
Net (loss) income per Class A and Class B Ordinary Share
|
| | | | | | | | | | | | | | | | | | |
– Basic
|
| | | | 1.30 | | | | | | (16.00) | | | | | | (2.51) | | |
– Diluted
|
| | | | (14.63) | | | | | | (16.00) | | | | | | (2.51) | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$(1)
|
| |||||||||
Weighted average number of Class A and Class B Ordinary Share and ordinary share equivalents outstanding used in computing net (loss) income per Class A and Class B Ordinary Share
|
| | | | | | | | | | | | | | | | | | |
– Basic
|
| | | | 11,974,046 | | | | | | 19,352,595 | | | | | | 19,352,595 | | |
– Diluted
|
| | | | 15,208,426 | | | | | | 19,352,595 | | | | | | 19,352,595 | | |
Net loss
|
| | | | (221,852,864) | | | | | | (309,623,944) | | | | | | (48,586,753) | | |
Other comprehensive loss | | | | | | | | | | | | | | | | | | | |
Unrealized gains on an available-for-sale investment, net of nil income taxes
|
| | | | 1,456,370 | | | | | | — | | | | | | — | | |
Reclassification adjustment for gains on available-for-sale
investment realized in net income, net of nil income taxes |
| | | | (4,863,233) | | | | | | — | | | | | | — | | |
Foreign currency translation adjustment, net of nil income taxes
|
| | | | (63,005,931) | | | | | | (17,598,892) | | | | | | (2,761,650) | | |
Comprehensive loss
|
| | | | (288,265,658) | | | | | | (327,222,836) | | | | | | (51,348,403) | | |
|
| | |
As of December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$(1)
|
| |||||||||
Selected consolidated balance sheet data
|
| | | | | | | | | | | | | | | | | | |
Current assets
|
| | | | 682,820,789 | | | | | | 469,842,783 | | | | | | 73,728,584 | | |
Non-current assets
|
| | | | 262,008,756 | | | | | | 140,319,805 | | | | | | 22,019,239 | | |
Total assets
|
| | | | 944,829,545 | | | | | | 610,162,588 | | | | | | 95,747,823 | | |
Current liabilities
|
| | | | 176,680,478 | | | | | | 152,312,966 | | | | | | 23,901,227 | | |
Non-current liabilities
|
| | | | 10,954,883 | | | | | | 11,903,096 | | | | | | 1,867,855 | | |
Total liabilities
|
| | | | 187,635,361 | | | | | | 164,216,062 | | | | | | 25,769,082 | | |
Total shareholders’ equity
|
| | | | 757,194,184 | | | | | | 445,946,526 | | | | | | 69,978,741 | | |
Total liabilities and shareholders’ equity
|
| | | | 944,829,545 | | | | | | 610,162,588 | | | | | | 95,747,823 | | |
|
Purchaser
|
| |
Purchase Date
|
| |
Total Number of
ADSs Purchased |
| |
Price Paid
Per ADS |
| |||
|
Baoli Ma
|
| |
July 8, 2020
|
| | | | 312,500 | | | |
US$16.00
|
|
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Total
Ordinary Shares |
| |
% of Total
Ordinary Shares |
| |
% of
Aggregate Voting Power† |
| |||||||||||||||
Directors and Executive Officers**: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Baoli Ma(1)
|
| | | | 795,990 | | | | | | 5,114,840 | | | | | | 5,910,830 | | | | | | 31.1% | | | | | | 67.3% | | |
Shengwen (Roy) Rong
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Wenjie (Jenny) Wu
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Weiru Chen
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Guojie Shi
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Junchen Sun
|
| | | | * | | | | | | — | | | | | | * | | | | | | * | | | | | | * | | |
Liang Zhao
|
| | | | * | | | | | | — | | | | | | * | | | | | | * | | | | | | * | | |
All Directors and Executive Officers as a
Group |
| | | | 836,881.5 | | | | | | 5,114,840 | | | | | | 5,951,721.5 | | | | | | 31.3% | | | | | | 67.4% | | |
Principal Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BlueCity Media Limited(2)
|
| | | | 571,677.5 | | | | | | 5,114,840 | | | | | | 5,686,517.5 | | | | | | 30.3% | | | | | | 66.7% | | |
Shunwei Ventures III Limited(3)
|
| | | | 938,890 | | | | | | — | | | | | | 938,890 | | | | | | 5.0% | | | | | | 2.4% | | |
CDH entities***(4)
|
| | | | 1,423,186 | | | | | | — | | | | | | 1,423,186 | | | | | | 7.6% | | | | | | 3.6% | | |
Liberty Hero Limited(5)
|
| | | | 1,150,862 | | | | | | — | | | | | | 1,150,862 | | | | | | 6.1% | | | | | | 2.9% | | |
| | | | | |
Page
|
| |||
ARTICLE VIII CONDITIONS TO CONSUMMATION OF THE MERGER | | | | | A-45 | | | |||
Section 8.01 | | | | | | | A-45 | | | |
Section 8.02 | | | | | | | A-45 | | | |
Section 8.03 | | | | | | | A-46 | | | |
Section 8.04 | | | | | | | A-46 | | | |
ARTICLE IX TERMINATION | | | | | A-46 | | | |||
Section 9.01 | | | | | | | A-46 | | | |
Section 9.02 | | | | | | | A-47 | | | |
ARTICLE X MISCELLANEOUS | | | | | A-49 | | | |||
Section 10.01 | | | | | | | A-49 | | | |
Section 10.02 | | | | | | | A-50 | | | |
Section 10.03 | | | | | | | A-50 | | | |
Section 10.04 | | | | | | | A-50 | | | |
Section 10.05 | | | | | | | A-51 | | | |
Section 10.06 | | | | | | | A-51 | | | |
Section 10.07 | | | | | | | A-51 | | | |
Section 10.08 | | | | | | | A-51 | | | |
Section 10.09 | | | | | | | A-52 | | | |
Section 10.10 | | | | | | | A-52 | | | |
Section 10.11 | | | | | | | A-52 | | |
| SCHEDULES AND EXHIBITS | | |||
| Schedule I | | | List of Rollover Shareholders | |
| Exhibit A | | | Plan of Merger | |
| Adverse Recommendation Change | | |
Section6.02(c)
|
|
| Agreement | | |
Preamble
|
|
| Alternative Acquisition Agreement | | |
Section6.02(c)
|
|
| Arbitrator | | |
Section10.08(b)
|
|
| Assumed Option | | |
Section3.03(b)
|
|
| Base Premium | | |
Section7.05(d)
|
|
| Benefit Plan | | |
Section4.15(b)
|
|
| BlueCity Holdings Limited | | |
Section2.06
|
|
| Closing | | |
Section2.02
|
|
| Closing Date | | |
Section2.02
|
|
| Company | | |
Preamble
|
|
| Company Board | | |
Recitals
|
|
| Company Board Recommendation | | |
Recitals
|
|
| Company Equity Interests | | |
Section4.02(b)
|
|
| Company Group | | |
Section9.02(h)
|
|
| Company Termination Fee | | |
Section9.02(e)
|
|
| Competing Proposal | | |
Section6.02(g)
|
|
| Covered Persons | | |
Section7.05(a)
|
|
| Deposit Agreement | | |
Section3.05
|
|
| Depositary | | |
Section3.05
|
|
| Dissenting Shareholders | | |
Section3.06(a)
|
|
| Dissenting Shares | | |
Section3.06(a)
|
|
| Effective Time | | |
Section2.03
|
|
| Enforceability Exceptions | | |
Section4.03
|
|
| Equity Commitment Letter | | |
Section5.05(a)
|
|
| Equity Financing | | |
Section5.05(a)
|
|
| Exchange Ratio | | |
Section3.03(b)
|
|
| Financial Statements | | |
Section4.06(b)
|
|
| HKIAC | | |
Section10.08(b)
|
|
| HKIAC Rules | | |
Section10.08(b)
|
|
| Indemnification Agreements | | |
Section7.05(a)
|
|
| Insurance Policies | | |
Section4.18
|
|
| Intervening Event | | |
Section6.02(e)
|
|
| Legal Proceeding | | |
Section5.08
|
|
| Limited Guarantee | | |
Recitals
|
|
| Material Contracts | | |
Section4.16(a)(xiv)
|
|
| Merger | | |
Recitals
|
|
| Merger Consideration | | |
Section3.02(a)
|
|
| Merger Consideration Fund | | |
Section3.02(a)
|
|
| Merger Sub | | |
Preamble
|
|
| Nasdaq | | |
Section4.02(c)
|
|
| Non-Required Remedy | | |
Section7.02(d)
|
|
| Operating Subsidiary | | |
Section4.16(a)(xi)
|
|
| Parent | | |
Preamble
|
|
| Parent Group | | |
Section9.02(h)
|
|
| Parent Termination Fee | | |
Section9.02(f)
|
|
| Parties | | |
Preamble
|
|
| Party | | |
Preamble
|
|
| Paying Agent | | |
Section3.02(a)
|
|
| Per ADS Merger Consideration | | |
Section3.01(b)
|
|
| Per Share Merger Consideration | | |
Section3.01(a)
|
|
| Plan of Merger | | |
Section2.03
|
|
| PRC Subsidiaries | | |
Section4.09(a)
|
|
| Proxy Statement | | |
Section4.05
|
|
| Record ADS Holders | | |
Section6.04(a)
|
|
| Record Date | | |
Section6.04(a)
|
|
| Registrar of Companies | | |
Section2.03
|
|
| Rollover Shareholders | | |
Recitals
|
|
| Sarbanes-Oxley Act | | |
Section4.06(a)
|
|
| Schedule 13E-3 | | |
Section6.03(a)
|
|
| SEC Documents | | |
Section4.06(a)
|
|
| Securities Act | | |
Section4.06(a)
|
|
| Share Certificates | | |
Section3.02(b)(i)
|
|
| Social Insurance | | |
Section4.15(k)
|
|
| Special Committee | | |
Recitals
|
|
| Superior Proposal | | |
Section6.02(h)
|
|
| Support Agreement | | |
Recitals
|
|
| Surviving Company | | |
Section2.01
|
|
| Takeover Statute | | |
Section4.23
|
|
| Tax Returns | | |
Section4.13(a)
|
|
| Transaction Litigation | | |
Section7.08
|
|
| Transactions | | |
Recitals
|
|
| U.S. GAAP | | |
Section4.06(b)
|
|
| Uncertificated Shares | | |
Section3.02(b)(i)
|
|
| VIE Contracts | | |
Section4.09(c)
|
|
| | | | BlueCity Holdings Limited | | |||
| | | | By: | | |
/s/ Wenjie (Jenny) Wu
Name: Wenjie (Jenny) Wu
Title: Director |
|
| | | | Multelements Limited | | |||
| | | | By: | | |
/s/ Baoli Ma
Name: Baoli Ma
Title: Director |
|
| | | | Diversefuture Limited | | |||
| | | | By: | | |
/s/ Baoli Ma
Name: Baoli Ma
Title: Director |
|
|
SIGNED for and on behalf of Diversefuture Limited:
|
| | ) | | |
Duly Authorised Signatory
|
|
| | | | ) | | | | |
| | | | ) | | |
Name:
|
|
| | | | ) | | | | |
| | | | ) | | |
Title:
|
|
| | | | ) | | | | |
| | | | ) | | | | |
|
SIGNED for and on behalf of BlueCity Holdings Limited:
|
| | ) | | |
Duly Authorised Signatory
|
|
| | | | ) | | | | |
| | | | ) | | |
Name:
|
|
| | | | ) | | | | |
| | | | ) | | |
Title:
|
|
| | | | ) | | | | |
| | | | ) | | | | |
|
SIGNED for and on behalf of Diversefuture Limited:
|
| | ) | | |
Duly Authorised Signatory
|
|
| | | | ) | | | | |
| | | | ) | | |
Name:
|
|
| | | | ) | | | | |
| | | | ) | | |
Title:
|
|
| | | | ) | | | | |
| | | | ) | | | | |
|
SIGNED for and on behalf of BlueCity Holdings Limited:
|
| | ) | | |
Duly Authorised Signatory
|
|
| | | | ) | | | | |
| | | | ) | | |
Name:
|
|
| | | | ) | | | | |
| | | | ) | | |
Title:
|
|
| | | | ) | | | | |
| | | | ) | | | | |
|
![]() |
| | | |
| Confidential | | |
April 30, 2022
|
|
|
Special Committee of the Board of Directors
BlueCity Holdings Limited Block 2 Tower B Room 028 No. 22 Pingguo Shequ Bai Zi Wan Road, Chaoyang District, Beijing 100022 People’s Republic of China |
| |
Name
|
| |
Present Principal Employment
|
| |
Citizenship
|
|
Baoli Ma | | | Founder, Chairman of the Board of Directors and Chief Executive Officer | | | PRC | |
Shengwen (Roy) Rong | | | Independent Director | | | United States | |
Wenjie (Jenny) Wu | | | Independent Director | | | Hong Kong | |
Weiru Chen | | | Independent Director | | | Singapore | |
Guojie Shi | | | Independent Director | | | PRC | |
Alfred Chung-Chieh Ying | | | Chief Strategy Officer | | |
Taiwan Province
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Junchen Sun | | | Chief Financial Officer | | | PRC | |
Liang Zhao | | | Chief Risk Officer | | | PRC | |
Yuanchen (Calvin) Liu | | | Chief Technology Officer | | | PRC | |
Directors
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Address
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Principal Occupation
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Citizenship
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Baoli Ma | | |
Block 2 Tower B Room 028, No 22 Pingguo Shequ, Bai Zi Wan Road, Chaoyang District, Beijing, People’s Republic of China
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Chairman of the Board and chief executive officer of the Company
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People’s Republic of China
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Jian Su | | |
CEC Development Mansion 12F, No 9 Xiaguangli, Chaoyang District, Beijing, People’s Republic of China
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Executive director of Newborn Town Inc.
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People’s Republic of China
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Directors
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Address
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Principal Occupation
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Citizenship
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Baoli Ma | | |
Block 2 Tower B Room 028, No 22 Pingguo Shequ, Bai Zi Wan Road, Chaoyang District, Beijing, People’s Republic of China
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Chairman of the Board and chief executive officer of the Company
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People’s Republic of China
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Jian Su | | |
CEC Development Mansion 12F, No 9 Xiaguangli, Chaoyang District, Beijing, People’s Republic of China
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Executive director of Newborn Town Inc.
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People’s Republic of China
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Directors
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Address
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Principal Occupation
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Citizenship
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Sabinah Clement | | |
Ritter House, Wickhams Cay II, Road Town, Tortola VG1110, British Virgin Islands
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Director of Cantrust (Far East) Limited
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British Virgin Islands
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Shanica Maduro-Christopher | | |
Ritter House, Wickhams Cay II, Road Town, Tortola VG1110, British Virgin Islands
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Director of Cantrust (Far East) Limited
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British Virgin Islands
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LAU Lai Sze
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3806 Central Plaza, 18 Harbour Road, Wanchai, Hong Kong
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Director of Cantrust (Far East) Limited
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Hong Kong
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Director
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Address
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Principal Occupation
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Citizenship
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Chunhe Liu | | |
CEC Development Mansion 12F, No 9 Xiaguangli, Chaoyang District, Beijing, People’s Republic of China
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Executive director of Newborn Town Inc.
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People’s Republic of China
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Directors
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Address
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Principal Occupation
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Citizenship
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William Shang Wi Hsu | | |
One Temasek Avenue, #18-02, Millenia Tower, Singapore 039192
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Chief Legal & Compliance Officer of CDH Investments
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Taiwan
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Ying Wei | | |
1503, Level 15, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong
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Managing partner of CDH Investments
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Hong Kong
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I/We, (Note 1)
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Please Print Name(s)
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Please Print Address(es)
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PROPOSALS
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FOR
(Note 3) |
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AGAINST
(Note 3) |
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ABSTAIN
(Note 3) |
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Proposal No. 1. | | |
☐
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☐
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☐
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as a Special Resolution: | | | | | ||||||
THAT the Agreement and Plan of Merger, dated as of April 30, 2022 (the “Merger Agreement”), among the Company, Multelements Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands (“Parent”), and Diversefuture Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands and a wholly-owned subsidiary of Parent (“Merger Sub”), pursuant to which the Merger Sub will be merged with and into the Company, with the Company being the surviving company of the Merger (the “Surviving Company”) and becoming a wholly-owned subsidiary of Parent (the “Merger”) (such Merger Agreement being in the form attached as Annex A to the proxy statement accompanying this notice of extraordinary general meeting and which will be produced and made available for inspection at the extraordinary general meeting), the plan of merger required to be registered with the Registrar of Companies of the Cayman Islands in connection with the Merger (the “Plan of Merger”) (such Plan of Merger being substantially in the form attached as Annex B to the proxy statement accompanying this notice of extraordinary general meeting and which will be produced and made available for inspection at the extraordinary general meeting), and the consummation of the transactions contemplated by the Merger Agreement and the Plan of Merger (collectively, the “Transactions”) including (i) the Merger, (ii) upon the Merger becoming effective (the “Effective Time”), the
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PROPOSALS
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FOR
(Note 3) |
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AGAINST
(Note 3) |
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ABSTAIN
(Note 3) |
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variation of the authorized share capital of the Company from US$500,000 divided into 5,000,000,000 Shares of a par value of US$0.0001 per Share , comprising of (i) 4,600,000,000 Class A Ordinary Shares of a par value of US$0.0001 each, (ii) 200,000,000 Class B Ordinary Shares of a par value of US$0.0001 each and (iii) 200,000,000 shares of a par value of US$0.0001 each of such class or classes (however designated) as the Board may determine in accordance with the existing memorandum and articles of association of the Company to US$50,000 divided into 50,000 ordinary shares of a par value of US$1.00 each (the “Variation of Capital”) and (iii) the amendment and restatement of the existing memorandum and articles of association of the Company by their deletion in their entirety and the substitution in their place of the new memorandum and articles of association of the Company (as the Surviving Company) at the Effective Time of the Merger, in the form attached as Annexure 2 to the Plan of Merger (the “Adoption of Amended M&A”), be approved and authorized by the Company;
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Proposal No. 2. | | |
☐
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☐
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☐
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as a Special Resolution: | | | | | ||||||
THAT each member of a special committee of the Board, composed solely of independent and disinterested directors of the Company (the “Special Committee”), be authorized to do all things necessary to give effect to the Merger Agreement, the Plan of Merger and the consummation of the Transactions, including the Merger, and upon the Merger becoming effective, the Variation of Capital and the Adoption of Amended M&A;
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Proposal No. 3. | | |
☐
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☐
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☐
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If necessary, as an Ordinary Resolution: | | | | | ||||||
THAT the extraordinary general meeting be adjourned in order to allow the Company to solicit additional proxies in the event that there are insufficient proxies received at the time of the extraordinary general meeting to pass the special resolutions to be proposed at the extraordinary general meeting.
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Dated , 2022
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Signature(s) (Note 4)
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CUSIP:
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| | 09610L106 (DTC Eligible) | | | ISIN: US09610L1061 | |
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Country of Incorporation:
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| | Cayman Islands | | | ||
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Meeting Details:
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| | Extraordinary General Meeting | | | ||
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Record Date:
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| | June 23, 2022 | | | ||
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Voting Deadline:
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| | July 22, 2022 at 10:00 AM EST | | | ||
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Meeting Date:
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| | July 29, 2022 | | | ||
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Meeting Agenda:
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| | The Company’s Notice of Meeting, including the Agenda, is available at the Company’s website: https://ir.blue-city.com/ | | |||
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Ratio (ORD:):
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| | 1 : 2 | | |