Yan Tang, Co-Founder, Chairman and Chief Executive Officer of Momo Inc. (NasdaqGS:MOMO), Matrix Partners, Huatai Ruilian Fund Management Co., Ltd. and Sequoia Capital China Investment Management L.P. submitted a non-binding proposal letter to acquire additional 52% stake in Momo Inc. (NasdaqGS:MOMO) for $1.9 billion on June 23, 2015. Buyer Group intends to fund the consideration with a combination of debt and/or equity capital, and rollover equity in Momo. The Board of Momo has formed a special committee comprised of two independent disinterested directors, Dave Daqing Qi and Benson Bing Chung Tam to consider the deal. The proposal is subject to execution of the definitive agreements.

As on July 6, 2015, Yan Tang, Co-Founder, Chairman and Chief Executive Officer of Momo Inc. (NasdaqGS:MOMO), Matrix Partners China II Hong Kong Limited, Huatai Ruilian Fund Management Co., Ltd. and Sequoia Capital China Investment Management L.P. entered into an agreement to acquire additional 52% stake in Momo Inc. The agreement shall terminate at any time upon the mutual written agreement of the parties. The transaction is subject to approval by Board of Directors of Momo Inc. As on April 5, 2016, Alibaba Group and Yunfeng Fund officially announced they have joined in the privatization of Momo. On April 5, 2016, the buyer group executed an amendment to the agreement to extend the exclusivity period, pursuant to which amendment the buyer group agreed that during the period beginning on July 6, 2015 and ending on the earlier of April 5, 2017 and the termination of the Consortium Agreement on the mutual written agreement of the members of the buyer group, members of the buyer group will work exclusively with each other with respect to the transaction.

Christian Arnell and Linda Bergkamp of Christensen Investor Relations Group acted as public relations advisor. J.P. Morgan Securities (Asia Pacific) Limited acted as financial advisor, Stephanie Tang, Yunpeng Fan, Shan Wu and Weina Guan of Shearman & Sterling LLP and Conyers Dill & Pearman acted as legal advisors to the special committee of board of directors of Momo Inc. Katie Sudol of Simpson Thacher acted as legal advisor to Alibaba.