Dao Capital Investment Management (Shanghai) Co., Limited has the PE fund management license. It
currently manages Dao Capital YIHE Fund---a project fund set up in 2016. With this license, it would
fund and manage a new fund in the future.

Asset Management Association of China has strict requirements in regards to the fund application, annual review and subsequent disclosure.
•Fund registration with the Association upon setup;
•Annual review of the fund manager (GP) with audit reports issued by a qualified audit firm;
•Half year & yearly review about the performance of the fund, with audit reports issued by a qualified audit firm;
•Quarterly disclosure of fund