Market Overview

AppLovin Refinances Hontai Capital's Convertible Note Facility


AppLovin, a comprehensive mobile gaming platform, announced today it has
raised a significant credit facility from U.S.-based investors to fully
refinance the convertible note facility that AppLovin received from
Hontai Capital. Hontai will retain a small equity stake in AppLovin.

Founded in 2012, AppLovin has since grown into a diverse global company
that offers solutions for mobile gaming and mobile growth, and works
with close to 90 percent of the top mobile gaming companies from around
the world. It reaches over 300 million daily active users and drives
over one billion installs for gaming companies annually. The company is
well positioned for continued growth, with mobile gaming projected to be
a $70.3 billion industry in 2018, growing over 25 percent
year-over-year, according to Global Games Market Report. Last month, it
announced its mobile gaming division, Lion
, and closed a $400 million investment from investment firm

"Hontai Capital has been an instrumental partner in China, and their
funds have helped fuel our product innovation," said Adam Foroughi, CEO
and co-founder at AppLovin. "They have been key to our global growth,
and we look forward to continuing our successful partnership with them."

"We've been thrilled with the outcome of our deal with AppLovin," said
Tony Ma, CEO & Managing Partner at Hontai Capital. "It allowed for a
strong entrance into the U.S. market for our new fund. We look forward
to continuing our work with the AppLovin team."

Hontai Capital plans to launch its first U.S. fund this year. This fund
will focus on TMT (technology, media, and telecommunications) companies
in AI, internet of things, mobility, finance technology, new consumer,
new media, and SaaS.

Bank of America Merrill Lynch is serving as financial advisor to
AppLovin, and CV Capital is serving as exclusive financial advisor to
Hontai Capital on the transaction.

About AppLovin

AppLovin offers a comprehensive platform that connects developers of all
sizes to billions of global users each month so they can get discovered.
Founded in 2012, AppLovin has since grown into a diverse global company
that offers solutions for mobile gaming and mobile growth. The company
is focused on helping both indie and established mobile game developers,
with the expertise and insights they need to monetize, publish, and grow
their businesses—all in one place. This approach has proven to fuel the
entire mobile development ecosystem and help developers reach and exceed
their goals. Learn more at

About Hontai Capital

Hontai Capital is a leader in the private equity and venture capital
investment sector in China. It has built up a strong team with
diversified backgrounds such as top venture capitalists, investment
banks and successful startups. Leveraging its industrial vision,
insights and global networks, team members of Hontai Capital have played
lead roles in investments of several global top-tier companies,
including AppLovin, Mediapro, Nio, Pony.AI, Tiger Trade, Dingxiang
Technology, Funplus, Shanda Games and CMGE.

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