MOGU Inc.

We are a KOL-driven online fashion and lifestyle destination in China. We provide an online shopping experience for everyday fashion. Our platform connects merchants, Key Opinion Leaders (KOLs), and users. It serves as a marketing channel for merchants, an incubator for KOLs, and a community for users to discover and share fashion trends. In July 2021, we acquired Ruisha Technology to explore new opportunities in the global operation of merchants. Ruisha Technology serves leading brands in the retail industry, providing solutions and services such as private domain operation and private domain product systems. Ruisha Technology offers one-stop brand-wide integrated marketing solutions. Our large base of KOLs creates rich and diverse content, primarily in live-streaming format, which distills styles and trends, features merchant products, and guides users from discovery to purchase. We attract merchant partners due to our sizeable user base. These merchant partners incentivize KOLs by providing fashion products, which often reflect the latest trends, to produce engaging fashion content. Our content includes live video broadcasts, short-form videos, photographs, and product reviews. Users can directly purchase products promoted or reviewed during a live video broadcast by clicking on product links within the live video broadcast channels.