As filed with the Securities and Exchange Commission on July 2, 2007
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM F-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
PERFECT WORLD CO., LTD.
(Exact name of Registrant as specified in its charter)
Not Applicable
(Translation of Registrants name into English)
| Cayman Islands | 7389 | Not Applicable | ||
|
(State or other jurisdiction of incorporation or organization) |
(Primary Standard Industrial Classification Code Number) |
(I.R.S. Employer Identification Number) |
8th Floor, Huakong Building,
No. 1 Shangdi East Road, Haidian District
Beijing 100085, Peoples Republic of China
(86-10) 5885-8555
(Address, including zip code, and telephone number, including area code, of Registrants principal executive offices)
CT Corporation System
111 Eighth Avenue
New York, New York 10011
(212) 664-1666
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
|
David T. Zhang, Esq. Z. Julie Gao, Esq. Latham & Watkins LLP 41 st Floor, One Exchange Square 8 Connaught Place, Central, Hong Kong (852) 2522-7886 |
W. Clayton Johnson, Esq. Cleary Gottlieb Steen & Hamilton LLP Bank of China Tower One Garden Road Central, Hong Kong (852) 2521-4122 |
Approximate date of commencement of proposed sale to the public: as soon as practicable after the effective date of this registration statement.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ¨
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨
CALCULATION OF REGISTRATION FEE
|
Title of each class of
securities to be registered |
Proposed maximum aggregate
offering price (1) |
Amount of registration fee | |||
|
Class B ordinary shares, par value US$0.0001 per share (2)(3) |
US$100,000,000 | US$ | 3,070 | ||
| (1) | Estimated solely for the purpose of determining the amount of registration fee in accordance with Rule 457(o) under the Securities Act of 1933, as amended. |
| (2) | Includes ordinary shares initially offered and sold outside the United States that may be resold from time to time in the United States either as part of their distribution or within 40 days after the later of the effective date of this registration statement and the date the shares are first bona fide offered to the public, and also includes ordinary shares that may be purchased by the underwriters pursuant to an over-allotment option. These ordinary shares are not being registered for the purpose of sales outside the United States. |
| (3) | American depositary shares issuable upon deposit of the ordinary shares registered hereby will be registered under a separate registration statement on Form F-6 (Registration No.333- ). Each American depositary share represents ordinary shares. |
The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to such Section 8(a), may determine.
The information in this prospectus is not complete and may be changed. Neither we nor the selling shareholders may sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and we are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.
Subject to Completion
Preliminary Prospectus Dated , 2007
American Depositary Shares
Perfect World Co., Ltd.
Representing Class B Ordinary Shares
This is an initial public offering of American depositary shares, or ADSs, of Perfect World Co., Ltd., or Perfect World. We are offering ADSs, and the selling shareholders disclosed in this prospectus are offering ADSs. Each ADS represents Class B ordinary shares, par value US$0.0001 per share. The ADSs are evidenced by American depositary receipts, or ADRs. We will not receive any of the proceeds from the sale of ADSs by the selling shareholders.
Prior to this offering, there has been no public market for our ADSs or shares. We anticipate the initial public offering price of the ADSs will be between US$ and US$ per ADS. We have applied to have the ADSs listed on the Nasdaq Global Market under the symbol PWRD.
See Risk Factors beginning on page 13 to read about risks you should consider before buying the ADSs.
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Price to
Public |
Underwriting discounts and commissions |
Proceeds, before expenses, to Perfect World |
Proceeds, before expenses, to the selling shareholders |
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Per ADS |
US$ | US$ | US$ | US$ | ||||||||
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Total |
US$ | US$ | US$ | US$ | ||||||||
The underwriters have an option to purchase up to additional ADSs from us and additional ADSs from the selling shareholders to cover over-allotments, at the initial public offering price less underwriting discounts and commissions, within 30 days from the date of this prospectus.
Neither the United States Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
The underwriters expect to deliver the ADSs to purchasers on or about , 2007.
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Morgan Stanley |
Credit Suisse |
|
| CIBC World Markets | Susquehanna Financial Group, LLLP | |
The date of this prospectus is , 2007
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Managements Discussion and Analysis of Financial Condition and Results of Operations |
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| F-1 |
You should rely only on the information contained in this prospectus. We have not authorized anyone to provide you with information different from that contained in this prospectus. We are offering to sell, and seeking offers to buy, the ADSs only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is current only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the ADSs.
We have not taken any action to permit a public offering of the ADSs outside the United States or to permit the possession or distribution of this prospectus outside the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to the offering of the ADSs and the distribution of the prospectus outside the United States.
Until , 2007 (25 days after the date of this prospectus), all dealers that buy, sell or trade ADSs, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.
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The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and financial statements appearing elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in our ADSs discussed under Risk Factors, before deciding whether to buy our ADSs.
Our Company
We are a leading online game developer and operator in China as measured by the popularity of our games in China in 2006, according to a report published by International Data Corporation, or IDC, a leading market research firm. We primarily develop three-dimensional, or 3D, online games based on our proprietary Angelica 3D game engine and game development platform. Our strong technology and creative game design capabilities, combined with our extensive local knowledge and experience, enable us to frequently and rapidly introduce popular games designed to cater to changing customer preferences and market trends in China. In 2006, we launched our first three self-developed 3D massively multiplayer online role playing games, or MMORPGs, namely, Perfect World, Legend of Martial Arts and Perfect World II. In the first quarter of 2007, these games recorded approximately 237,000 average concurrent users in China. We launched a new self-developed 3D MMORPG, Zhu Xian, in late May 2007.
Our core technology capabilities consist of our proprietary 3D game engine, game development platform and real-time anti-cheating expertise, all developed and built by our experienced development team. In particular, our game engine enables us to create superior 3D graphics with impressive visual effects and provides the technical foundation for realizing innovative features in the game environment. Our game development platform is built on modularized functions which allow us to shorten the development cycle of our 3D MMORPGs to approximately six months for our most recent games and to update our games frequently with new features.
We have achieved an impressive game development track record. Our Perfect World and Legend of Martial Arts games were the two most popular domestically developed 3D online games in China in 2006 according to IDC. Perfect World was a winner of the Best 3D Online Games award, and Legend of Martial Arts was a winner of the Best Self-Developed Online Games award, in 2006 at the China Digital Entertainment Exposition and Conference, or ChinaJoy, a leading Chinese online game industry convention. Legend of Martial Arts was awarded as the Most Favorite Brand Game among College Students from the Education Management Information Center of the Ministry of Education in 2006. We expect to launch two additional 3D MMORPGs and one casual game, which is a game that can be played to a conclusion within a short period of time, in 2007 and early 2008. We plan to develop more online games, with a variety of themes, cultural characteristics and features that appeal to different segments of the online game player community.
We use a time-based revenue model for our first game, Perfect World, under which we charge players based on the time they spend playing the game. We use an item-based revenue model for Legend of Martial Arts, Perfect World II and Zhu Xian, under which players can play the games for free, but they are charged for purchases of in-game items, such as performance-enhancing items, clothing, accessories and pets. In 2006 and the first quarter of 2007, 46.9% and 86.5%, respectively, of our online game operation revenues were generated through this item-based model. We will continue to explore new and innovative business models to maximize our revenues and profit. We distribute our physical and virtual prepaid game cards to players in China through a variety of channels, consisting primarily of a network of 27 third-party distributors of our physical cards and one national distributor of our virtual cards. We also sell online points through our proprietary E-sales system and our own website. Although most of our revenues are generated in China, we have licensed our games, Perfect World II and Legend of Martial Arts, to leading game operators in 11 and seven countries and regions, respectively,
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including Japan and Taiwan, and we plan to license our games to more countries and regions. We have grown significantly since our inception, and generated revenues of RMB99.4 million (US$12.9 million) and RMB87.2 million (US$11.3 million) in 2006 and the first quarter of 2007, respectively. We incurred net losses from our inception in 2004 through the end of 2006. Our net loss of RMB27.9 million (US$3.6 million) in 2006 included one-time share-based compensation charges in the amount of RMB37.8 million (US$4.9 million) incurred in the year. We achieved net income of RMB40.0 million (US$5.2 million) in the first quarter of 2007.
Industry Background
Online games are electronic games played over the Internet. They can be played individually or in large groups of players simultaneously in the same game who interact in a game world. China is a key online game market in the Asia-Pacific region and has substantial growth potential. According to IDC, Chinas online game revenues reached US$816 million in 2006, representing a 73.5% increase over 2005. IDC predicts that Chinas online game revenues will reach US$3.0 billion by 2011, representing a compound annual growth rate, or CAGR, of 30.2% from 2006 to 2011.
Many factors have supported and we believe are likely to continue to drive the growth in the online game market in China, including the following:
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increasing Internet, broadband and PC penetration; |
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online games as an attractive form of entertainment relative to other forms of entertainment; |
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low entry cost and convenience of play for users; and |
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high degree of user loyalty. |
Many players in China view online games as an attractive form of entertainment and desire to have more personalized, customizable and interactive game experiences. In addition, there has been a noticeable trend towards development and operation of 3D online games in China, as 3D games provide a more realistic representation of real-life objects and can depict more complex activities. Domestically developed online games have shown strong competitive advantages in China. According to IDC, in 2006, revenues generated from domestically developed online games reached RMB4.2 billion (US$0.5 billion), accounting for 64.8% of the total online game revenues in China.
Our Strengths
We believe that the following competitive strengths contribute to our success and differentiate us from our competitors:
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leading market position in 3D online games in China; |
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powerful technology capabilities, consisting of our proprietary Angelica 3D game engine, powerful game development platform, flexible hardware requirements and anti-cheating expertise; |
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creative utilization of extensive local knowledge and experience to design, market and distribute games; |
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strong and consistent operations; and |
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experienced management team and game development personnel. |
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Our Strategies
Our goal is to become one of the leading online game companies in the world. Our primary growth strategies include:
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further expand and diversify our game portfolio; |
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enhance user experience to increase monetization of our games; |
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increase our focus on international expansion; |
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strengthen leading-edge technology through continuous research and development; and |
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pursue strategic acquisitions, partnerships and alliances. |
Our Challenges
The successful execution of our strategies is subject to certain risks and uncertainties, including those relating to:
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our limited operating history; |
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our dependence on three MMORPGs for substantially all of our revenues; |
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our ability to develop and operate new games that are commercially successful; |
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the growth of the online game market and the continuing market acceptance of our games and in-game items in China and elsewhere; |
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our ability to protect our intellectual property rights; |
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our ability to respond to competitive pressure, including competition that arises from new games introduced by our competitors and other forms of entertainment; |
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our ability to maintain an effective system of internal control over financial reporting; and |
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regulatory environment in China. |
Please see Risk Factors and other information included in this prospectus for a detailed discussion of these risks and uncertainties.
Corporate History and Structure
We commenced operations through Beijing Perfect World Network Technology Co., Ltd., or PW Network, a limited liability company established in China in 2004. To enable us to raise equity capital from international investors, our holding company, Perfect World Co., Ltd., or Perfect World, was incorporated under the laws of the Cayman Islands in June 2006. In August 2006, we formed Beijing Perfect World Software Co., Ltd., or PW Software, our wholly-owned subsidiary in China. In September 2006, PW Software entered into contractual agreements with PW Network and its shareholders, pursuant to which PW Network transferred certain fixed assets and certain personnel to PW Software and PW Software provides technical support and research and development services to PW Network. Through these contractual arrangements, we have the ability to effectively control PW Networks daily operations and financial affairs, appoint senior executives and decide on all matters subject to shareholders approval. As a result of these contractual arrangements, we are considered to be the primary beneficiary of PW Network and PW Network is a variable interest entity, or VIE, of our company under generally accepted accounting principles in the United States, or U.S. GAAP. Accordingly, we consolidate PW Networks results of operations, assets and liabilities in our financial statements. PW Network is considered as our predecessor company. Since both we and PW Network are under common control, our consolidated financial
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statements reflect this reorganization as a transaction between entities under common control and have been prepared as if the reorganized corporate structure had been in existence throughout all the periods presented. See Corporate History and Structure for a description of the contractual arrangements among PW Software, PW Network and its equity owners. If PW Network and/or its equity owners breach the contractual arrangements with us, we may not be able to continue to effectively control PW Networks operations and remain to be its primary beneficiary. For example, PW Network may distribute dividends to its equity owners who may decide not to remit these dividends to us in accordance with the existing contractual arrangements. In such case, we would have to rely on legal remedies under PRC law, which may not always be effective, particularly in light of uncertainties in the PRC legal system. See Risk FactorsRisks Related to Doing Business in ChinaUncertainties with respect to the PRC legal system could adversely affect us.
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The following diagram illustrates our corporate structure.
| Ø | Beneficial Interest |
| × --- Ø | Contractual arrangements including an Exclusive Technology Support and Service Agreement, a Development Cooperation Agreement, a Business Operation Agreement, a Call Option Agreement and an Equity Pledge Agreement. For a description of these agreements, see Corporate History and Structure. |
| × Ø | Contractual arrangements including a Call Option Agreement, an Equity Pledge Agreement and a Power of Attorney. For a description of these agreements, see Corporate History and Structure. |
| * | Beijing Shiji Xiangshu Technology Co., Ltd. is 88.03% owned by Mr. Michael Yufeng Chi, the founder, chairman and chief executive officer of our company and an ultimate owner of our ordinary shares, 6.38% owned by Mr. Tongyan Wang, who is a holder of our ordinary shares, and 5.59% owned by Mr. Di He, our vice president and chief technology officer and a holder of our ordinary shares. |
| ** | Beijing Jiuzhou Tianyuan Investment Management Co., Ltd. is 60% owned by Mr. Huan Su and 35.72% owned by Mr. Furui Chen, both of whom are ultimate owners of our ordinary shares, and 4.28% owned by Mr. Di He, our vice president and chief technology officer and a holder of our ordinary shares. See Principal and Selling Shareholders. |
Corporate Information
Our principal executive offices are located at 8th floor, Huakong Building, No. 1 Shangdi East Road, Haidian District, Beijing 100085, Peoples Republic of China. Our telephone number at this address is (8610) 5885-8555. Our registered office in the Cayman Islands is located at the offices of M&C Corporate
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Services Limited, P.O. Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands, British West Indies. Our agent for service of process in the United States is CT Corporation System, located at 111 Eighth Avenue, New York, New York 10011.
Investors should contact us for any inquiries through the address and telephone number of our principal executive offices. Our principal website is http://www.wanmei.com. The information contained on this website and our other websites is not a part of this prospectus.
6
Conventions Which Apply to this Prospectus
Unless we indicate otherwise, all information in this prospectus reflects the following:
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no exercise by the underwriters of their option to purchase up to additional ADSs representing Class B ordinary shares; |
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conversion of all outstanding Series A convertible preferred shares into 64,000,000 Class B ordinary shares and 16,000,000 Class A ordinary shares immediately prior to the closing of this offering; and |
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all share and per share data have been adjusted to reflect a 10-for-1 share split that became effective on June 19, 2007. |
Except where the context otherwise requires and for purposes of this prospectus only:
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we, us, our company, our and Perfect World refer to Perfect World Co., Ltd., a Cayman Islands company, and its subsidiaries, and, in the context of describing our operations, risk factors and financial results, also include PW Network, a variable interest entity of our company; see Corporate History and Structure; |
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China or PRC refers to the Peoples Republic of China, excluding, for the purpose of this prospectus only, Taiwan, Hong Kong and Macau; |
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PW Software refers to Beijing Perfect World Software Co., Ltd.; |
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PW Network refers to Beijing Perfect World Network Technology Co., Ltd.; |
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SAIF refers to SB Asia Investment Fund II L.P., a holder of our Series A convertible preferred shares, and its affiliates; |
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monthly average concurrent users, or ACU, of any of our games operated in China is determined as follows: we first determine the number of users logged on to the game at 5-minute intervals, then average that data over the course of a day to derive the daily average; the daily average data are averaged over the monthly period to derive the monthly average concurrent users; |
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quarterly average concurrent users, or ACU, of any of our games operated in China is the average of monthly average concurrent users of such game during the quarterly period; |
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quarterly active paying customers, or APC, is the aggregate number of accounts for our games operated in China under the item-based revenue model that have been charged at least once during the quarterly period; |
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quarterly average revenue per user, or ARPU, is our total online game operation revenues derived from operating in China our online games that use the item-based revenue model during the quarterly period divided by the quarterly active paying customers of these games during the quarterly period; our definition of ARPU may not be comparable to similarly titled measures presented by other online game companies; |
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shares or ordinary shares refers to our ordinary shares, par value US$0.0001 per share, which include both Class A ordinary shares and Class B ordinary shares; |
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ADSs refers to our American depositary shares, each of which represents Class B ordinary shares, and ADRs refers to the American depositary receipts that evidence our ADSs; and |
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all references to RMB or Renminbi refer to the legal currency of China; all references to US$, dollars and U.S. dollars refer to the legal currency of the United States. |
7
THE OFFERING
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Offering price |
We currently estimate that the initial public offering price will be between US$ and US$ per ADS. |
|
ADSs offered by us |
ADSs. |
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ADSs offered by the selling shareholders |
ADSs. |
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ADSs outstanding immediately after this offering |
ADSs (or ADSs if the underwriters exercise their over-allotment option in full). |
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Ordinary shares outstanding immediately after this offering |
shares, comprised of (i) Class A ordinary shares, par value US$0.0001 per share, and (ii) Class B ordinary shares, par value US$0.0001 per share (or Class A ordinary shares and Class B ordinary shares if the underwriters exercise their over-allotment option in full). (1) |
|
Ordinary shares |
Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to 10 votes on all matters subject to shareholders vote, and each Class B ordinary share is entitled to one vote on all matters subject to shareholders vote. Each Class A ordinary share is convertible into one Class B ordinary share at any time by the holder thereof. Class B ordinary shares are not convertible into Class A ordinary shares under any circumstances. Upon any transfer of Class A ordinary shares by a holder thereof to any person or entity which is not an affiliate of such holder, such Class A ordinary shares shall be automatically and immediately converted into an equal number of Class B ordinary shares. |
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The ADSs |
Each ADS represents of our Class B ordinary shares, par value US$0.0001 per share. The ADSs will be evidenced by American depositary receipts, or ADRs. |
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The depositary will hold the shares underlying your ADSs. You will have rights as provided in the deposit agreement. |
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If, however, we declare dividends on our ordinary shares, the depositary will pay you the cash dividends and other distributions it receives on our ordinary shares, after deducting its fees and expenses. |
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You may turn in your ADSs to the depositary in exchange for ordinary shares. The depositary will charge you fees for any exchange. |
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We may amend or terminate the deposit agreement without your consent. If you continue to hold your ADSs, you agree to be bound by the deposit agreement as amended. |
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To better understand the terms of the ADSs, you should carefully read the Description of American Depositary Shares section of this prospectus. You should also read the deposit agreement, which is filed as an exhibit to the registration statement that includes this prospectus.
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Over-allotment option |
We and the selling shareholders have granted to the underwriters an option, which is exercisable within 30 days from the date of this prospectus, to purchase up to an additional ADSs from us and up to an additional ADSs from the selling shareholders. |
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Use of proceeds |
Our net proceeds from this offering are expected to be approximately US$ million, assuming an initial public offering price per ADS of US$ , which is the midpoint of the estimated public offering price range. We plan to use the net proceeds we receive from this offering to expand our research and development efforts and for other general corporate purposes. See Use of Proceeds for additional information. |
We will not receive any of the proceeds from the sale of ADSs by the selling shareholders.
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Lock-up |
We, our directors and executive officers and all our existing shareholders and certain option holders have agreed with the underwriters, subject to certain exceptions, not to sell, transfer or dispose of, directly or indirectly, any of our ADSs or ordinary shares or securities convertible into or exercisable or exchangeable for our ADSs or ordinary shares for a period of 180 days following the date of this prospectus. See Underwriting for more information. |
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Listing |
We have applied to have the ADSs listed on the Nasdaq Global Market under the symbol PWRD. Our ADSs and shares will not be listed on any other stock exchange or traded on any automated quotation system. |
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Reserved ADSs |
At our request, the underwriters have reserved for sale, at the initial public offering price, up to an aggregate of ADSs to our directors, officers, employees, business associates and related persons through a directed share program. |
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Risk factors |
See Risk Factors and other information included in this prospectus for a discussion of risks you should carefully consider before investing in our ADSs. |
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Depositary |
JPMorgan Chase Bank, N.A. |
(1) The number of ordinary shares that will be outstanding immediately after this offering:
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assumes the conversion of all outstanding Series A convertible preferred shares into 64,000,000 Class B ordinary shares and 16,000,000 Class A ordinary shares immediately prior to the completion of this offering; |
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excludes 16,086,620 Class B ordinary shares issuable upon the exercise of options outstanding as of June 30, 2007, at a weighted average exercise price of US$0.16 per share; and |
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excludes 16,058,380 Class B ordinary shares reserved for future issuances under our share incentive plan. |
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Our Summary Consolidated Financial and Operating Data
The following summary consolidated statement of operations data and cash flow data for the period from March 10, 2004 (date of inception) to December 31, 2004, and for the years ended December 31, 2005 and 2006 and the summary consolidated balance sheet data as of December 31, 2006 have been derived from our audited consolidated financial statements included elsewhere in this prospectus. The summary consolidated statement of operations data and cash flow data for the three months ended March 31, 2006 and 2007 and the summary consolidated balance sheet data as of March 31, 2007 have been derived from our unaudited consolidated financial statements included elsewhere in this prospectus. We have prepared the unaudited consolidated financial information on the same basis as our audited consolidated financial statements. The unaudited financial information includes all adjustments, consisting only of normal and recurring adjustments, that we consider necessary for a fair presentation of our financial position and operating results for the periods presented. Our consolidated financial statements are prepared and presented in accordance with U.S. GAAP, and reflect our current corporate structure as if it had been in existence throughout the relevant periods. The historical results are not necessarily indicative of results to be expected in any future period. In addition, our unaudited results for the three months ended March 31, 2007 may not be indicative of our results for the full year ending December 31, 2007. You should read the following information in conjunction with our consolidated financial statements and related notes, Selected Consolidated Financial Data and Managements Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this prospectus.
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For the Period
of Inception) to
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For the Year Ended December 31, | For the Three Months Ended March 31, | |||||||||||||||||||
| 2005 | 2006 | 2006 | 2007 | ||||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||
| (in thousands, except for share, per share and per ADS data) | |||||||||||||||||||||
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Consolidated Statement of Operations Data: |
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Revenues: |
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Online game operation revenues |
| | 98,392 | 12,740 | 9,138 | 76,575 | 9,915 | ||||||||||||||
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Overseas licensing revenues |
| | 1,014 | ||||||||||||||||||