Documente Academic
Documente Profesional
Documente Cultură
500.0 16.0
450.0 13.9
14.0
12.9
400.0
12.0
350.0 10.8
9.3 10.0
300.0 9.0
8.2
(US$m)
(US$m)
250.0 8.0
6.9 7.0
6.5
6.2
200.0 5.8
5.6 6.0
4.7
150.0
4.0
100.0
2.0
50.0
0.0 0.0
Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10
Aardvark – social search engine – was acquired by Google for $50 million.
Glam Media – online media company – received a capital injection of $50 million.
Qiyi – a new premium licensed video venture from Baidu – received a $50 million investment.
BlueKai – intent-focused data exchange – raised $21 million in a Series C financing.
Ustream – online video service provider – raised $20 million.
WebVisible – SaaS-based online ad service provider – received $20 million in its third funding round.
TidalTV – online platform for branded video – received $16 million in a Series B funding.
Rent the Runway – online haute couture merchandise rental service – received $15 million in an unnamed round.
Avvasi – solutions provider in the video processing space – raised $14 million in its second round of funding.
BrightRoll – video ad network – raised $10 million in its third round.
Yodle – online advertising service – raised $10 million in Series D financing.
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.
w w w . m a c k i e re s e a r c h . c o m
Toronto 416.860.7600 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.218.6375 Regina 306.566.7550 St. Albert 780-460-6460
Page 2
500.0 16.0
450.0 13.9
14.0
12.9
400.0
12.0
350.0 10.8
9.3 10.0
300.0 9.0
8.2
(US$m)
(US$m)
250.0 8.0
6.9 7.0
6.5
6.2
200.0 5.8
5.6 6.0
4.7
150.0
4.0
100.0
2.0
50.0
0.0 0.0
Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10
Deal round-up for February: The large deal highlights for the month include:
Aardvark – social search engine – was acquired by Google for $50 million.
Glam Media – online media company – received a capital injection of $50 million.
Qiyi – a new premium licensed video venture from Baidu – received a $50 million investment.
BlueKai – intent-focused data exchange – raised $21 million in a Series C financing.
Ustream – online video service provider – raised $20 million.
WebVisible – SaaS-based online ad service provider – received $20 million in its third funding round.
TidalTV – online platform for branded video – received $16 million in a Series B funding.
Rent the Runway – online haute couture merchandise rental service – received $15 million in an unnamed round.
Avvasi – solutions provider in the video processing space – raised $14 million in its second round of funding.
BrightRoll – video ad network – raised $10 million in its third round.
Yodle – online advertising service – raised $10 million in Series D financing.
All other deals in the month were in the amount of $10 million or less. For additional details on financings, see Figures
23 and 24 (at end of note).
250.0
200.0
150.0
Feb-10
(US$m)
Jan-10
Dec-09
100.0
50.0
0.0
Movik Networks
Vivox
Mixer Labs
PowerReviews
Flixster
DubMeNow
Avvasi
AdMarvel
XIHA
Zynga
Mochi Media
Guvera
MobGold
Aggregate Knowledge
LiveMocha
SonicMule
Everyscape
Eyeka
Effective Measure
Twilio
Cognitive Match
Beezag
Moblyng
GlobalMotion Media
Stylehive
Decision Maker Media
Rent the Runway
Fynanaz
Pursway
Sway
MOG
Stylefeeder
StudioNow
Moonshoot
ThisNext
Qiyi
Cozi
Living Social
Jajah
Shanghai Dacheng
Glam Media
Youku
Groupon
Yelp
Paymo
Lala
SMSGupShup
Yodle
Gowalla
Currensee
kaChing
SeekingAlpha
ChaCha
Pageonce
Curse
PeerPong
Apisphere
JanRain
Scrapblog
Center'd
HootSuite
Sonico
Rekoo
Joonto
AppsFire
AppVee
Aardvark
Spiceworks
Flurry
Gizmoz
5 Minutes
StockTwits
Smilebox
OneForty
Blippy
Graphic.ly
Backupify
Friendster
SocialGO
Ranker
Quantcast
AlikeList
SCVNGR
Tonchidot
Grapeshot
Echo Nest
ReachLocal
Blue Kai
TidalTV
BrightRoll
Gogii
Gaikai
Rocket Fuel
Jelli
Jinni
KODA
Ngmoco
BuyWithMe
Smaato
Whiskey Media
Zoosk
Visible Technologies
Cloud Engines
Article One Partners
NuConomy
Vook
Appolicious
Serious Business
Ustream
Lithium
Genius.com
Prosper.com
Yammer
Reframe It
6 Waves
WePay
TuneWiki
Drimmi
WebVisible
gWallet
Gaming and Social Networks – a symbiotic relationship: In the past three months, the Social Networks space has
garnered the highest number of financings (14), while the Gaming sector leads in total value of funding. The $400
million acquisition of Playfish skews the Gaming segment to the highest total financing (Figure 4). As many of the start-
ups receiving Gaming sector financing are specifically deployed on Social Network platforms, the two sectors have built
up somewhat of a symbiotic relationship.
450.0
400.0
350.0
300.0
250.0
(US$m)
200.0
150.0
100.0
50.0
393.5 217.5 183.8 165.5 124.4 73.0 60.6 56.8 54.6 53.7 46.6 41.8 25.7 25.0 24.5 18.0 16.8 16.0 15.0 14.6 13.2 12.5 11.9 11.3
0.0
Mobile Payment
Social Commerce
Internet Retail
Gaming
Mobile
Media
Microblog
Enterprise
Online Learning
Music
Financial Services
SMS/Voice
Search
Mobile Ad
Location-based
Infrastructure
Social Networks
Virtual Goods
Advertising
Video
Crowdsourced
Aggregation
Virtual World
Analytics
Content
SNS
# companies
9 3 10 6 14 8 7 6 3 3 5 5 5 1 3 4 4 1 1 2 5 1 4 2
250
200
150
100
50
0
3/2/2009
3/16/2009
3/30/2009
4/13/2009
4/27/2009
5/11/2009
5/25/2009
6/8/2009
6/22/2009
7/6/2009
7/20/2009
8/3/2009
8/17/2009
8/31/2009
9/14/2009
9/28/2009
10/12/2009
10/26/2009
11/9/2009
11/23/2009
12/7/2009
12/21/2009
1/4/2010
1/18/2010
2/1/2010
2/15/2010
Index: Web 2.0 (Market Cap) ^COMP - Share Pricing
Bullish week for Web 2.0: Twenty-seven companies in our universe had positive stock price performances (averaging
+9.2%) over the past week (for stocks with prices greater than $1) (Figure 6), while 10 companies showed negative 1-
week returns (averaging -3.5%).
Modern Times G roup Mtg AB (OM: MTG Modern T imes G roup Mtg AB (O M: MT G B ) Modern T imes G roup Mtg AB (O M: MT G B ) s igned a n agreement to acquire additional 35% s ta ke in V ia s a t Ukra ine from
B ); S trong Media G roup L td.; Vias at s igned an a greement to a cquire a dditiona l S trong Media G roup L td. in ca s h on F ebruary 22, 2010. T he fina ncia l terms of the dea l were not dis clos ed. T he tra ns a ction
Ukraine 35% s ta ke in V ia s a t Ukra ine from S trong is s ubject to a pprova l by the releva nt regulatory authorities a nd is expected to clos e during the s econd quarter of 2010.
Media G roup L td.
S pec trumDNA, Inc . (OTC B B : S P XA) S pectrumDNA, Inc. Amends C ertifica te of S pectrumDNA, Inc. announced that purs uant to a C ertifica te of Amendment to its C ertifica te of Incorpora tion filed with the
Incorpora tion S ta te of Dela wa re on F ebruary 16, 2010, the number of its a uthorized s ha res of common S tock, pa r va lue $0. 001 per
s hare, has been increa s ed from 100, 000, 000 to 250, 000, 000. T he C a pita liza tion Amendment was a pproved by the B oa rd of
Directors a long with requis ite s tockholder cons ent.
Tree.C om, Inc . (Nas daqG M: TR E E ) T ree. C om Unveils L ong-Awa ited S tra tegic T ree. com, Inc. a nnounced a new s tra tegic initiative tha t the C ompa ny expects to cha nge the wa y cons umers a nd
Initia tive bus ines s es intera ct online when it comes to finding res ources for life's mos t important financial decis ions . C ha irma n a nd
C E O Doug L ebda , s pea king exclus ively to bus ines s and marketing leaders a t L ea ds C on La s V egas , ga ve a n introduction to
T ree. com, which is expected to la unch in s econd qua rter 2010. W ith the new T ree. com, the C ompany intends to leverage
the proven model it introduced with L endingT ree. com, which paired a 'revers e ma rketplace' with relia ble information a nd
s upport for making educa ted choices a bout home loa ns . R ecognized a s a trus ted cons umer res ource, the C ompany s a w a n
opportunity to s tep in where typica l s ea rch engines fa ll s hort, offering guida nce for other complex purchas es tha t require
ca reful cons idera tion. T ree. com is a nticipa ted to extend the s a me robus t infra s tructure, cons umer-friendly interfa ce, a nd
dependable ins ight to deliver a hub of content and res ources a round every ma jor ‘cons idered purcha s e’ in life - from finding
a college a nd a ca reer, to buying a car
and a hous e, to pla nning for hea lth a nd retirement. O nce la unched, the C ompany expects tha t cons umers will be a ble
to acces s vendor pricing and quotes alongs ide pers ona lized advice, intera ctive tools for compa ris on s hopping, a
community with blogs , ratings , a nd reviews , a rticles with us eful tips a nd ins ights , a nd more - a ll through a free, s ecure,
and anonymous profile.
W ebzen Inc . (K OS E : A069080) W ebzen Inc. R eports E arnings R es ults for the W ebzen Inc. reported earnings res ults for the yea r ended December 31, 2009. F or the yea r, the compa ny ha s pos ted
Y ea r E nded December 31, 2009; P ropos es to revenue of K R W 27, 802, 307, 596 compa red to K R W 28, 481, 064, 580 for the s ame period a year a go. Opera tion los s wa s
Amend the Articles of Incorpora tion K R W 1, 546, 231, 108 compa red to K R W 7, 046, 263, 810 for the s a me period a yea r ago. Net income before income ta xes
were K R W 1, 373, 022, 785 compa red to net los s before income ta xes of K R W 13, 464, 277, 296 for the s a me period a year
ago. Net income was K R W 318, 229, 538 compa red to net los s of K R W 14, 265, 624, 646 for the s ame period a year a go.
T he compa ny a ls o announced that a t its AG M on March 26, 2010, the s ha reholders will propos e to amend the Articles of
Incorpora tion.
United Online, Inc . (Nas daqG S : UNTD) United Online, Inc. has filed a S helf United O nline, Inc. ha s filed a S helf R egis tra tion in the amount of $20. 00 million.
R egis tration in the a mount of $20. 00 million.
K ey Developments
C ompany Headline Notes
is eemedia Inc . (TS XV: IE E ); Multiplied is eemedia Inc. (T S XV : IE E ) a cquired a n is eemedia Inc. (T S XV : IE E ) acquired a n unknown minority s ta ke in UnoMobi Inc. from E lie Ma khoul for C AD 0. 47 million in
Media C orporation unknown minority s take in UnoMobi Inc. from s tock on F ebruary 23, 2010. As cons idera tion, is eemedia is s ued 2. 7 million of its s ha res out of treas ury. Is eemedia
E lie Ma khoul for C AD 0. 47 million. acquired 0. 08 million UnoMobi s ha res for a tota l holding of 0. 14 million s ha res of UnoMobi. E lie Ma khoul is is eemedia 's
C hief T echnology O fficer. T he dea l wa s s ubject to the completion of Multiplied Media C orpora tion (T S X: V -MMC ) a cquis ition
of UnoMobi. In a ccordance with the terms of the a cquis ition of UnoMobi, is eemedia will receive a pproxima tely 7. 4 million
s hares of MMC in exchange for its 0. 14 million common s ha res of UnoMobi.
is eemedia Inc. (T S XV : IE E ) completed the acquis ition of a n unknown minority s take in UnoMobi Inc. from E lie Ma khoul on
F ebruary 23, 2010.
Tree.C om, Inc . (Nas daqG M: TR E E ) T ree. C om, Inc. P res ents at Lea ds C on L a s T ree. C om, Inc. P res ents a t L eads C on L as V ega s 2010, F eb-23-2010. V enue: T he Mira ge Hotel & C a s ino, L as V ega s ,
V ega s 2010, F eb-23-2010 United S ta tes . S peakers : Douglas R . L ebda , C ha irma n and C hief E xecutive O fficer.
Dolphin Digital Media, Inc. Dolphin Digita l Media , Inc. P res ents at Dolphin Digita l Media , Inc. P res ents a t R edC hip S mall-C a p E quities V irtua l C onference, F eb-23-2010 through F eb-24-2010.
(OTC B B : DPDM) R edC hip S ma ll-C ap E quities V irtual S peakers : B ill O 'Dowd.
C onference, F eb-23-2010 through F eb-24-
2010
B etawave C orporation (OTC B B : B W AV) B eta wa ve C orpora tion E nters into S econd On F ebruary 22, 2010, B eta wa ve C orpora tion and S ilicon V a lley B a nk entered into a s econd a mendment to a mended a nd
Amendments to Amended a nd R es tated L oan res ta ted loan a nd s ecurity agreement. T he amendment a mends the a mended a nd res ta ted loan a nd s ecurity agreement,
a nd S ecurity Agreement da ted as of November 25, 2009, between the compa ny a nd S V B to, a mong other things , extend the ma turity date of the
A& R loa n a greement from Ma rch 1, 2010 to April 1, 2010. T his s econd a mendment to a mended and res ta ted loa n and
s ecurity agreement is entered into this 22nd day of F ebruary, 2010, by and between S ilicon V a lley B a nk a nd B eta wa ve
C orpora tion. T he ba nk a nd borrower have entered into the a mended a nd res ta ted loa n a nd s ecurity a greement, da ted a s of
November 25, 2009, a s a mended by tha t certain firs t a mendment to a mended a nd res ta ted loan a nd s ecurity agreement
da ted as of J anuary 26, 2010. T he bank ha s extended credit to borrower for the purpos es permitted in the loa n a greement.
B orrower has reques ted a n extens ion of the ma turity da te. B ank ha s agreed to s uch reques t, but only to the extent, in
accorda nce with the terms , s ubject to the conditions a nd in relia nce upon the repres entations a nd wa rra nties . T he compa ny a nnounc
fee da te is Ma rch 27, 2010. T he limita tions which are amendments s et forth in S ection 2 above a re effective for the
purpos es s et forth herein a nd s hall be limited precis ely a s written a nd s ha ll not be deemed to be a cons ent to any
amendment, waiver or modifica tion of a ny other term or condition of any T ra ns action Document, or otherwis e
prejudice a ny right or remedy which B ank ma y now ha ve or may ha ve in the future under or in connection with a ny
T rans a ction Document. T his Amendment s ha ll be cons trued in connection with a nd as part of the T ra ns a ction
Documents a nd a ll terms , conditions , repres enta tions , wa rra nties , covenants a nd a greements s et forth in the
T rans a ction Documents , except a s herein a mended, a re hereby ra tified a nd confirmed a nd s hall remain in full force
and effect.
Unilava C orporation (OTC B B : UNL A) Unila va C orpora tion Announces the Availa bility Unilava C orporation a nnounced the a vailability of the 3G US B P orta ble La ptop S tick, B roadband B ullet, offering bus ines s
of the 3g US B P orta ble L a ptop S tick, cus tomers s eamles s connectivity to the Internet from their laptop while on the go via nationwide a nd interna tional 3G
B roadband B ullet wireles s broa dba nd s ervice in over 120 countries . T he C ompa ny ha s already pre-s old the B roa dba nd B ullet through its
s a les a nd dis tribution cha nnels . T he B roa dba nd B ullet a llows cus tomers with a la ptop to ta ke a dva ntage of fa s ter
broa dba nd s peeds a va ila ble through indus try s tandards 3G a nd 3G + high-s peed da ta network (HS P A a nd HS P A+) with
connection s peed of up to 7. 2Mbps a nd 12Mbps , res pectively. C us tomers s imply plug the B roa dba nd B ullet laptop s tick into
their la ptop a nd the built-in s oftware automatica lly finds the bes t ava ila ble Internet connection. T he B roadband B ullet is als o
an innova tive 2-in-1 device that allows the cus tomer to connect to the web a nd us e as a memory s tick with a Micro-S D ca rd
s lot, allowing up to 8G B of s tora ge. Unlike other providers , the B roa dba nd B ullet does not require a contra ct a nd the s ervice
is prepa id. T he monthly pla ns a re competitive, offering 5G B da ta us a ge for $50 per month a nd unlimited data us age for $60 per mon
an 'E quipment R eimburs ement' program towa rds the la ptop s tick to eliminate the equipment cos ts , which ma kes the
device pra ctica lly free for the cus tomer.
IAC /InterActiveC orp. (Nas daqG S : IAC I) IAC /InterActiveC orp. P res ents at G oldma n IAC /InterActiveC orp. P res ents a t G oldman S a chs T echnology & Internet C onference 2010, F eb-24-2010. V enue: W es tin S t.
S achs T echnology & Internet C onference F rancis Hotel, 335 P owell S treet, S an F ra ncis co, C a lifornia, United S ta tes . S peakers : B arry Diller, C ha irma n, C hief
2010, F eb-24-2010 E xecutive O fficer a nd Member of E xecutive C ommittee.
Neteas e.c om Inc. (Nas daqG S : NTE S ) Netea s e. com Inc. Announces Unaudited Netea s e. com Inc. announced una udited cons olida ted earnings res ults for the fourth quarter and yea r ended December 31,
C ons olida ted E arnings R es ults for the F ourth 2009. F or the qua rter, the compa ny's total revenues were R MB 1. 3 billion, compared to R MB 879. 4 million and R MB 801. 7
Q ua rter a nd Y ear E nded December 31, 2009 million for the preceding quarter and the fourth qua rter of 2008, res pectively. Net income a ttributable to the compa ny's
s hareholders for the qua rter wa s R MB 571. 8 million or R MB 0. 18 per diluted s ha re, compa red to R MB 393. 8 million or R MB
0. 12 per diluted s hare and R MB 575. 9 million or R MB 0. 18 per diluted s ha re for the preceding qua rter and the fourth qua rter
of 2008, res pectively. O pera ting profit was R MB 607. 1 million compared with R MB 470. 5 million a yea r ago. Net income
before ta x wa s R MB 629. 4 million compa red with R MB 495. 9 million a yea r a go. Net ca s h provided by opera ting a ctivities
was R MB 712. 4 million compared with R MB 514. 0 million a yea r ago. T he compa ny reported purcha s e of property,
equipment a nd s oftwa re wa s R MB 54. 1 million compa red with R MB 47. 9 million a yea r ago. E a rnings per ADS , diluted were
R MB 4. 46 a ga ins t E MB 3. 02 la s t yea r.
United Online, Inc . (Nas daqG S : UNTD) United Online, Inc. P res ents at G oldma n United O nline, Inc. P res ents a t G oldma n S achs T echnology & Internet C onference 2010, F eb-24-2010. V enue: W es tin S t.
S achs T echnology & Internet C onference F rancis Hotel, 335 P owell S treet, S an F ra ncis co, C a lifornia, United S ta tes . S peakers : Ma rk R . G olds ton, C hairman, C hief
2010, F eb-24-2010 E xecutive O fficer, P res ident a nd Member of S econda ry C ompens a tion C ommittee, S cott H. R ay, C hief F ina ncia l O fficer
and E xecutive V ice P res ident.
Figure 7b. Key Developments
Source. Capital IQ
Page 10
K ey Developments
C ompany Headline Notes
ValueC lick, Inc . (Nas daqG S : VC L K ) V alueC lick, Inc. P res ents at G oldma n S a chs V a lueC lick, Inc. P res ents a t G oldman S a chs T echnology & Internet C onference 2010, F eb-24-2010. V enue: W es tin S t.
T echnology & Internet C onference 2010, F eb- F rancis Hotel, 335 P owell S treet, S an F ra ncis co, C a lifornia, United S ta tes .
24-2010
S hutterfly, Inc . (Nas daqG S : S F L Y) S hutterfly, Inc. P res ents a t G oldman S achs S hutterfly, Inc. P res ents a t G oldma n S a chs T echnology & Internet C onference 2010, F eb-24-2010. V enue: W es tin S t.
T echnology & Internet C onference 2010, F eb- F rancis Hotel, 335 P owell S treet, S an F ra ncis co, C a lifornia, United S ta tes . S peakers : J effrey T . Hous enbold, C hief
24-2010 E xecutive O fficer, P res ident a nd Director.
Dolphin Digital Media, Inc. Dolphin Digita l Media Announces Ma c Dolphin Digita l Media , Inc. is delighted to announce tha t the compa ny's s igna ture product, Dolphin S ecure, will be
(OTC B B : DPDM) C ompa tibility for Dolphin S ecure by E nd of compa tible with Mac computers by the end of the firs t quarter. C urrently Dolphin S ecure is a va ila ble for P C computers
F irs t Q uarter running W indow's XP , V is ta , or 7.
S hutterfly, Inc . (Nas daqG S : S F L Y) S hutterfly, Inc. P res ents a t E T ail W es t 2010, S hutterfly, Inc. P res ents a t E T a il W es t 2010, F eb-25-2010 through F eb-25-2010. V enue: J W Ma rriott Des ert S prings , 74855
F eb-25-2010 through F eb-25-2010 C ountry C lub Drive, P a lm Des ert, C A 92260, United S tates . S pea kers : P eter C . E la rde, C hief Ma rketing O fficer a nd S enior
V ice P res ident.
S hutterfly, Inc . (Nas daqG S : S F L Y) S hutterfly, Inc. P res ents a t E T ail 2010 Mobile S hutterfly, Inc. P res ents a t E T a il 2010 Mobile C ommerce & S ocial Media S ummit, F eb-25-2010. V enue: J W Marriott Des ert
C ommerce & S ocia l Media S ummit, F eb-25- S prings , 74855 C ountry C lub Drive, P alm Des ert, C A 92260, United S ta tes . S pea kers : P eter C . E la rde, C hief Ma rketing
2010 Officer a nd S enior V ice P res ident.
Velti P lc (AIM: VE L ) V elti plc Appoints Mike W a ls h a s V ice- Mike W als h, the former cha irma n of O gilvy UK group, has V elti P lc a s its vice-pres ident of bus ines s development. W als h,
P res ident of B us ines s Development who ha s more tha n 30 yea rs of experience working in the a d indus try, including ten yea rs a s the chief executive of O gilvy &
Mather E ME A, will be res pons ible for educa ting agencies a nd brands on V elti's offering, and a dvis ing them on how they ca n
integra te the mobile channel into their a d ca mpa igns .
S ocialwis e, Inc . (OTC B B : S C L W) S ocia lwis e, Inc. Announces R elea s e of S ocialwis e, Inc. a nnounced the relea s e of vers ion 2. 0 of its online teen pa yment s olutions s ite, B illMyP a rents . B illMyP a rents
V ers ion 2. 0 of O nline T een P a yment S olutions ha s s ignificantly upgra ded its previous ca pa bilities giving teens the freedom to s hop online (s ubject to parent-directed
S ite, B illMyP a rents controls ) a nd ha s a dded a Ma s terC a rd(R ) prepaid ca rd payment s olution tha t ca n be us ed for purcha s es everywhere
Mas terC a rd(R ) is accepted. In a ddition to removing obs ta cles to online commerce (cited by 40% of teens s urveyed),
B illMyP a rents ' prepa id ca rd s olution removes the ha zards a s s ocia ted with ca rrying ca s h. B illMyP a rents a ls o ma inta ins
pa rents ' credit card numbers a nd other pers ona l informa tion s ecurely, a nd offers the following unique a dva nta ges :
C omplete pa renta l vis ibility of teen account activity through immediate text notifica tion of card purchas e activity; P a rental
ability to ins ta ntly freeze and unfreeze a ca rd; Low card-rela ted cos ts including no purcha s e tra ns a ction fees ; and P arenta l
ability to tra ns fer emergency funds in rea l time to a teen's ca rd.
K ings oft C orporation L imited K ings oft C orporation L imited Announces K ings oft C orpora tion L imited announced s everal cha nges to its s enior mana gement tea m. T he company tha t W u Y imin,
(S E HK : 3888) Ma na gement C ha nges former genera l ma na ger of S ha nda G a mes L td. , has been a ppointed as pres ident of K ings oft's online ga mes depa rtment.
Mea nwhile, W ang Xin, former vice pres ident of K ings oft's Internet s ecurity divis ion, ha s been a ppointed a s chief executive
officer of the compa ny's a nti-virus s oftwa re bus ines s . J ia L in ha s been a ppointed adminis tra tive deputy general ma nager of
K ings oft's P owerW ord s oftwa re bus ines s .
S handa Interac tive E ntertainment L td. S ha nda Intera ctive E ntertainment Ltd. R eports S ha nda Intera ctive E nterta inment L td. reported una udited cons olida ted earnings res ults for the fourth qua rter and full year
(Nas daqG S : S NDA) Una udited C ons olida ted E a rnings R es ults for ended December 31 2009. C ons olidated net revenues increas ed 49% yea r-over-yea r and 9% qua rter-over-qua rter to C NY
the F ourth Q ua rter and F ull Y ea r E nded 1, 513. 5 million (US D 221. 6 million). Non-G AAP opera ting income increa s ed 43% yea r-over-yea r and 3% qua rter-over-
December 31 2009 qua rter to C NY 612. 2 million (US D 89. 6 million). Non-G AAP net income a ttributable to ordina ry s ha reholders increas ed
24% yea r-over-yea r and decrea s ed 19% qua rter-over-quarter to C NY 422. 0 million (US D 61. 8 million). Non-G AAP ea rnings
per diluted ADS were C NY 6. 06 (US D 0. 88), compared with C NY 4. 90 in the fourth quarter of 2008 a nd C NY 7. 40 in the
third qua rter of 2009. O pera ting income for the fourth qua rter of 2009 wa s C NY 559. 5 million (US D 81. 9 million), a n
increa s e of 35% from C NY 413. 1 million in the fourth qua rter of 2008 a nd a n increa s e of 10% from C NY 510. 7 million in the
third qua rter of 2009. O pera ting ma rgin was 37. 0% in the fourth quarter of 2009, compa red with 40. 7% in the fourth qua rter
of 2008 and 36. 9% in the third qua rter of 2009. Non-G AAP opera ting margin was 40. 4% in the fourth qua rter of 2009, compa red with
in the third qua rter of 2009. Net income a ttributa ble to ordinary s hareholders for the fourth qua rter of 2009 wa s C NY
369. 3 million (US D 54. 1 million), a n increa s e of 13% from C NY 326. 5 million in the fourth quarter of 2008 a nd a
decrea s e of 15% from C NY 435. 3 million in the third qua rter of 2009. E arnings per diluted ADS in the fourth qua rter of
2009 were C NY 5. 30 (US D 0. 78), compared with C NY 4. 70 in the fourth qua rter of 2008 a nd C NY 6. 18 in the third
qua rter of 2009. T he qua rter-over-quarter difference wa s prima rily due to the difference in net income a ttributa ble to
non-controlling interes ts between the fourth qua rter in 2009 and the third quarter in 2009. Income before income tax
expens es , equity in ea rning of a ffilia tes wa s C NY 642. 0 million aga ins t C NY 422. 5 million for the s a me quarter a year
ago period.
P erfec t World C o., L td. P erfect W orld C o. , L td. R eports Una udited P erfect W orld C o. , L td. reported una udited cons olida ted ea rnings res ults for the fourth quarter a nd full year ended
(Nas daqG S : P WR D) C ons olida ted E arnings R es ults for the F ourth December 31, 2009. F or the qua rter, the compa ny's total revenues were R MB 607. 9 million (US D 89. 1 million), a n increa s e
Q ua rter a nd F ull Y ea r E nded December 31, of 3. 0% , or R MB 17. 9 million, from R MB 590. 0 million in third qua rter 2009, a nd a n increa s e of 45. 5% , or R MB 190. 1
2009; P rovides R evenue G uidance for the F irs t million, from R MB 417. 8 million in fourth qua rter 2008. O perating profit wa s R MB 276. 5 million (US D 40. 5 million), a s
Q ua rter of F is ca l 2010 compa red to R MB 297. 7 million in third qua rter of 2009 and R MB 149. 5 million in fourth qua rter of 2008. Non-G AAP
opera ting profit was R MB 298. 5 million (US D 43. 7 million), as compa red to R MB 317. 9 million in third qua rter 2009 a nd
R MB 244. 7 million in fourth qua rter 2008. Net income a ttributa ble to the compa ny's s hareholders was R MB 270. 8 million
(US D39. 7 million), as compared to R MB 288. 3 million in third quarter 2009 a nd R MB 124. 8 million in fourth qua rter 2008.
Non-G AAP net income attributa ble to the compa ny's s hareholders was R MB 292. 8 million (US D 42. 9 million), as compa red
to R MB 308. 5 million in third quarter 2009 a nd R MB 220. 0 million in fourth quarter 2008. B a s ic a nd diluted earnings per ADS
B a s ed on the company's current opera tions , tota l revenues for the firs t quarter of 2010 are expected to be between
R MB 620 million a nd R MB 644 million, repres enting a n increa s e of 2% to 6% on a s equentia l ba s is a nd a n increa s e
of 46% to 51% on a year-over-yea r bas is . T his reflects expected growth from the compa ny's exis ting games .
Valuation
Gaming companies lead market-cap charts: Twelve companies in our Web 2.0 universe top US$1 billion in market
capitalization (Figure 8). Sixty-two of the 97 companies have market caps under US$100 million, with 42 under US$25
million. Online gaming companies dominate the top of the list, led by Tencent Holdings (SEHK:700) with a market cap
of approximately US$36.4 billion.
TEV/Revenue (LTM) averages 5.5x: The overall average TEV/Revenue (LTM) multiple for our group is 5.5x (vs. 5.3x
last week) (Figure 9). Five companies trade above 25x revenue – Tencent Holdings Ltd. (SEHK:700) at 25.2x,
eWorldCompanies, Inc. (OTCPK:EWRC) at 30.3x, SpectrumDNA, Inc. (OTCBB:SPXA) at 33.0x, Bigstring Corp.
(OTCBB:BSGC) at 38.4x, and Bright Things plc (AIM:BGT) at 40.5x. The median is 1.7x. Note that we exclude multiples
greater than 50x. Twenty-four companies have multiples under 1.5x.
14. 0
12.0
12. 0
10.5
10.1
10. 0
8.0
7.6
8. 0
6.4
6.1 6.2 6.2
5.9
6. 0 5.3
5.0 5.1
4.6
3.7
4. 0 3.1 3.1 3.2 3.4
2.7 2.8 2.9 2.9
2.5
2.1 2.1 2.2
1.9
1.6 1.7 1.8
2. 0 1.4 1.4 1.5 1.5 1.6 1.6
1.2 1.2 1.3
1.0 1.0 1.1 1.1
0.6 0.6 0.6 0.7 0.7 0.7 0.8 0.8 0.8 0.9
0.5 0.5 0.5
0.2 0.3 0.3 0.4 0.4 0.4
0.0 0.2 0.2
0. 0
NE O W IZ G ames C orporation
J umbuck E ntertainment L imited
U O MO Media , Inc
G ama nia Digita l E ntertainment C o., Ltd.
O AO R B C Information S ys tems
Northgate T ec hnologies Limited
DXN Holdings B hd
C hangyou.c om Limited
G a meO n C o L td.
C DC C orp.
G eoS entric O y j
S prylogics Internationa l C orp
NeuLion Inc orporated
Is e B lu E quity C orp.
O pen T ex t C orp.
C ornerW orld C orpora tion
G igaMedia Ltd.
S ohu.c om Inc.
is eemedia Inc.
Mix i, Inc.
G ree, Inc.
C ody V entures C orporation
XING AG
We-R -Y ou C orp.
InternetArray , Inc.
Y nk K orea Inc.
Webz en Inc.
V elti P lc
S hutterfly, Inc.
TEV/Revenue (LTM) by country/exchange: We have also calculated multiples based on where the companies are listed
or domiciled. Figure 10 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest
number of companies (21), trading at an average multiple of 9.6x (vs. 11.1x last week). On a geographic basis, the United
States has the most companies (41), trading at an average of 6.6x revenue (vs. 6.3x last week) (Figure 11). Ten companies
are Canadian (average 2.9x revenue vs. 3.0x last week).
MICEX
OTCBB
GTSM
NasdaqGM
HLSE
SEHK
TSE
KOSE
OSE
NasdaqGS
OM
CM
TSX
XTRA
AMEX
KLSE
BSE
AIM
TSXV
SWX
ASX
Germany
Kingdom
Finland
China
United
Japan
Canada
Malaysia
Russia
Hong Kong
India
Italy
South
Korea
States
Australia
Taiwan
Switzerland
Sweden
United
# Companies 2 1 3 21 11 2 3 2 5 2 6 1 6 2 1 2 1 14 1 1 4 1
# Companies 2 1 10 41 2 3 2 6 1 10 7 1 2 1 1 1 1
TEV/EBITDA (LTM) averages 11.4x: The average multiple for the 39 companies with positive EBITDA (and multiples
under 100x) is 11.4x LTM EBITDA (vs. 10.7x last week), led by Tencent Holdings Ltd. (SEHK:700) at 49.4x (Figure 12).
Twelve companies have EBITDA multiples under 7x. The median multiple is 9.3x (vs. 9.1x last week).
T E V/LT M E B IT DA (x)
60. 0
49. 4
50. 0
41.6
40. 0
30. 0 26. 9
20. 3
20. 0 17.2 18. 1
15. 5 15. 8
13. 9 14. 2
12. 0 13. 2
10. 5 10. 6 10. 7 10. 9 11. 7
8. 5 8.6 9. 1 9. 3 9. 4 9.5
10. 0 5.9 6. 1 6. 5 7. 2 7.5 8. 1 8. 2
5. 6 5. 7
4. 0
2. 6 3. 2 3. 7
0. 1 0. 5 0. 9
0. 0
C DC C orp.
O pen T ex t C orp.
Y D O nline C orp.
G ree, Inc.
Mix i, Inc.
Y nk K orea Inc.
V elti P lc
S hutterfly , Inc.
DADA S pA
Ac toz S oft C o. , L td.
TEV/EBITDA (LTM) by country/exchange: Figure 13 shows the average TEV/EBITDA multiples by stock exchange.
The OTCBB has the largest number of companies (21), trading at an average multiple of 7.5x (vs. 8.1x last week). On a
geographic basis, the United States has the most companies (41), trading at an average of 10.7x EBITDA (vs. 9.5x last
week) (Figure 14). Ten companies are Canadian (average 8.3x EBITDA vs. 8.2x last week).
13.112.5
(x)
10.7
10.0 10.9 9.0 8.7 8.0 8.3
8.5 8.1
7.5 6.1 5.7 6.0 8.1
5.0 4.0 6.1
3.2 0.9
4.0
0.0 2.0 4.0 0.9
MICEX
OTCBB
NasdaqGM
GTSM
SEHK
KOSE
TSE
NasdaqGS
OSE
OM
CM
AMEX
KLSE
TSX
AIM
TSXV
ASX
0.0
Kingdom
China
Hong
Japan
United
Canada
Russia
Malaysia
Italy
South
Korea
Kong
States
Taiwan
Australia
Sweden
United
# Companies 3 4 6 1 2 5 2 6 14 1 1 21 1 2 2 3 2
# Companies 7 1 10 3 1 6 2 41 10 1 1 2 2
P/E (LTM) averages 23.1x: The average multiple for the 32 companies with positive earnings (and multiples under 100x)
is 23.1x LTM EPS (vs. 23.6x last week), led by Shutterfly, Inc. (NasdaqGS: SFLY) with a 92.7x multiple (Figure 15).
Twelve companies have P/E multiples under 10x. The median is 15.2x (vs. 15.4x last week).
P /E L T M (x)
100. 0
92. 7
90. 0
80. 0
68. 7
70. 0 63.1
60. 0 54.3
50.3
50. 0
41.4
40. 0 34.1
30.6 31.3
28.1
30. 0 23.9 24.4
20.1 20.4 22.1
20. 0 15.1 15.2
11.7 13.5 13.8
8. 0 8. 2 8. 8
10. 0 5. 2 5. 4 6. 2
1.8 1.9 2.2 2.7 3.6
0.0
0. 0
DXN Holdings B hd
G ameO n C o Ltd.
O pen T ex t C orp.
C y berplex Inc .
G igaMedia Ltd.
Y D O nline C orp.
S ohu.c om Inc .
G ree, Inc .
Mix i, Inc .
S hutterfly , Inc.
Ac toz S oft C o., Ltd.
P/E (LTM) by country/exchange: Figure 16 shows the average P/E multiples by stock exchange. The OTCBB has the
largest number of companies (21), trading at an average multiple of 30.6x (vs. 32.4x last week). On a geographic basis,
the United States has the most companies (41), trading at an average of 33.1x earnings (vs. 32.8x last week) (Figure 17).
Ten companies are Canadian (average 14.7x EPS vs. 14.2x last week).
30.0 22.1
(x)
GTSM
NasdaqGM
OSE
KOSE
SEHK
TSE
NasdaqGS
AMEX
KLSE
TSX
NYSE
AIM
ASX
0.0
Japan
United
Canada
Kingdom
China
Malaysia
South
Korea
States
Taiwan
Australia
United
# Companies 1 6 3 5 21 2 2 2 14 2 3 2 1 4
# Companies 6 41 7 10 2 3 10 2 2
Upcoming Events
E arnings C alendar
C ompany Date Time Quarter C onf C all Details
Spark Networks, Inc. (AMEX:LOV) 4-Mar-10 4:30 p.m. EDT Q4/09 888-601-3884
Giant Interactive Group, Inc. (NYSE:GA) 4-Mar-10 8:00 p.m. EDT Q4/09 866-272-9941
CDC Corp. (NasdaqGS:CHIN.A) 9-Mar-10 8:30 a.m. EDT Q4/09 888-603-6873
TheStreet.com, Inc. (NasdaqGM:TSCM) 15-Mar-10 5:00 p.m. EDT Q4/09 800-260-8140
Accelerize New Media , Inc. US D AC LZ OT C B B 15.8 0.55 -3.5% -1. 8% 0.0% -3. 5% 150.0% -31. 3%
Actoz S oft C o., Ltd. KRW A052790 K OS E 109.4 14400.00 -4.6% -8. 0% -24.2% -25.6% 44. 7% -60. 0%
AQ Intera ctive, Inc. JPY 3838 TS E 83.9 138000.00 24. 9% 54.4% 244.6% 171.7% 332.6% -2.8%
As knet AG E UR XT R A :A5A XT R A 24.2 3.55 -1.4% 10.9% -3.5% 2.3% 16. 8% -13. 8%
As s ociated Media Holdings Inc. US D AS MH OT C P K 0.9 0.02 100.0% 100.0% -97.4% 42.9% 1328.6% -97. 4%
B eta wave C orporation US D B W AV OT C B B 3.8 0.13 8.3% -7. 1% 62. 5% 154.9% 8.3% -35. 0%
B eyond C ommerce, Inc. US D B Y OC OT C B B 1.4 0.02 -14.8% -8. 0% -42.5% -87.6% -95.4% -98. 8%
B igs tring C orp. US D BS GC OT C B B 1.4 0.02 -0.9% 0. 5% -24.1% -8. 3% 78. 9% -61. 4%
B right T hings plc GBP AIM:B G T AIM 8.2 0.02 9.7% 13.3% 38. 8% 23.6% 11. 1% -32. 0%
B roa dW ebAs ia Inc. US D BWBA OT C P K 3.4 0.04 -33.3% -33.3% -55.6% -82.6% -96.0% -96. 0%
C DC C orp. US D C HIN .A Nas daqG S 264.0 2.49 7.8% 7. 8% 1.2% 9.2% 227.7% -36. 5%
C ha ngyou.com L imited US D C Y OU Nas daqG S 1,812.8 32.96 0.1% -1. 9% -0.2% -12.5% NM -31. 9%
C hines e G a mer International TWD G T S M:3083 GTS M 804.9 307.00 -5.8% -8. 1% -28.8% -30.5% 119.3% -40. 8%
C ody V entures C orporation US D CVCP OT C P K 0.1 0.00 0.0% -25.0% 172.7% 3.4% 650.0% -72. 7%
C ornerW orld C orporation US D CWR L OT C B B 3.8 0.04 -20.0% 33.3% -20.0% -27.3% -73.3% -78. 9%
C yberplex Inc. C AD T S X: C X TS X 60.1 0.91 -9.0% -11.7% -26.0% -31.1% 160.0% -54. 3%
DADA S pA E UR C M: DA CM 106.8 4.88 -2.8% -7. 5% -21.5% -22.4% 1.6% -40. 4%
DigitalP os t Interactive, Inc. US D DG LP OT C B B 5.2 0.06 20. 2% 36.4% 20. 0% 9.1% 1400.0% -39. 4%
DigitalT own, Inc. US D DG T W OT C B B 34.3 1.25 331.0% 4. 2% 23. 8% -16.7% -16.7% -64. 3%
Dolphin Digita l Media, Inc. US D DP DM OT C B B 19.9 0.35 2.9% 29.6% 25. 0% -23.9% -31.4% -53. 9%
DXN Holdings B hd MY R DXN K LS E 45.0 0.67 -4.3% -1. 5% 19. 6% 24.1% 103.0% -10. 7%
E n2G o International, Inc. US D E TGI OT C B B 14.4 0.60 50. 0% -33.3% -7.7% 71.4% -66.7% -88. 0%
Neurotech P harmaceuticals C o., Ltd. KRW A041060 K OS E 30.3 455.00 -13.3% -26.6% -22.9% -56.3% -12.5% -60. 8%
eW orldC ompa nies , Inc. US D EWRC OT C P K 0.9 0.00 100.0% 0. 0% -33.3% -80.0% 100.0% -94. 7%
F luid Mus ic C ana da, Inc. C AD T S X: F MN TS X 104.6 1.73 11. 6% 9. 5% -13.5% 23.6% 424.2% -19. 5%
F rogs ter Interactive P ictures AG E UR FR G XT R A 69.2 20.00 -0.2% 5. 3% 13. 6% 11.2% 442.0% -6.9%
G ama nia Digita l E ntertainment C o., Ltd. TWD 6180 GTS M 229.1 47.90 0.5% -10.3% 4.0% -5. 9% 103.0% -30. 4%
G ameOn C o L td. JPY 3812 TS E 74.1 68500.00 7.9% -2. 8% 11. 2% -33.9% -23.5% -48. 5%
G eoS entric Oyj E UR G E O1V HLS E 48.5 0.04 0.0% 0. 0% -20.0% 0.0% 0.0% -33. 3%
G iant Interactive G roup, Inc. US D GA NY S E 1,717.0 7.57 1.6% 3. 4% 6.0% 2.7% 6.0% -20. 9%
G iga Media Ltd. US D G IG M Nas daqG S 158.1 2.90 -1.4% 5. 8% -27.1% -36.1% -40.0% -59. 2%
G ra vity C o., Ltd US D GR VY Nas daqG M 56.8 2.04 4.8% 6. 4% 37. 1% 25.3% 219.2% -22. 3%
G ree, Inc. JPY T S E :3632 TS E 2,878.4 5690.00 15. 8% 8. 2% 24. 0% 39.1% 138.1% -5.8%
G ungHo Online E ntertainment, Inc. JPY 3765 OS E 268.1 209200.00 3.1% -6. 1% 47. 0% -11.2% 74. 2% -25. 3%
HanbitS oft, Inc. KRW A047080 K OS E 71.0 3760.00 -3.3% -6. 0% 6.8% -3. 6% 29. 7% -43. 4%
IA C /InterActiveC orp. US D IAC I Nas daqG S 2,689.0 23.07 5.4% 14.9% 18. 8% 25.9% 63. 5% 2.1%
InternetArray, Inc. US D INAR OT C P K 0.0 0.00 -20.0% -20.0% -50.0% -86.7% -98.5% -99. 2%
Is e B lu E quity C orp. US D IS B L OT C P K 0.0 0.00 0.0% 0. 0% 0.0% 0.0% 0.0% -90. 0%
is eemedia Inc. C AD IE E T S XV 9.6 0.19 8.6% 22.6% -5.0% 322.2% 137.5% -29. 6%
J umbuck E nterta inment L imited AUD AS X: J MB AS X 13.2 0.30 -3.2% -3. 2% -11.8% -26.8% -33.3% -40. 0%
K ent International Holdings Inc. US D K NT H OT C P K 5.9 1.65 -5.7% -8. 8% -17.5% -5. 7% -1.2% -32. 7%
K ings oft C orporation Limited HK D 3888 S E HK 932.7 6.60 8.2% 10.9% 13. 4% -22.0% 158.8% -30. 3%
Lingo Media C orporation C AD T S XV : LM T S XV 11.2 0.94 -3.1% -12.1% -2.1% -6. 0% 8.0% -40. 5%
LookS ma rt, Ltd. US D LOOK Nas daqG M 16.3 0.95 0.0% -3. 1% -11.2% -20.8% -3.1% -39. 1%
Magnitude Information S ys tems Inc. US D MAG Y OT C B B 5.5 0.01 -18.0% -12.1% -35.3% 89.2% -35.3% -68. 5%
Mixi, Inc. JPY 2121 TS E 1,009.9 584000.00 12. 3% -3. 9% -23.6% -1. 8% 77. 0% -32. 5%
Mobile Da ta C orp. US D MB Y L OT C B B 3.3 0.14 23. 9% -19.1% 52. 8% 52.8% -60.7% -65. 6%
Modern T imes G roup Mtg AB SEK MT G B OM 3,715.5 406.50 3.1% 19.0% 29. 1% 43.1% 250.4% -0.2%
MOK O.mobi Limited AUD MK B AS X 10.1 0.10 -17.4% -20.8% -20.8% 33.8% 111.1% -52. 5%
Multiplied Media C orporation, P rior to R evers e
Merger with R eward P hone Internationa l Inc. C AD T S XV : MMC T S XV 36.1 0.29 -5.0% 29.5% 62. 9% 58.3% 470.0% -8.1%
Myriad G roup AG C HF MY R N SWX 191.7 4.70 0.0% -1. 7% 0.0% 4.7% 23. 7% -24. 1%
NE OW IZ G ames C orporation KRW A095660 K OS E 620.3 34100.00 9.3% 1. 3% -13.7% 6.4% 118.2% -24. 1%
NetDragon W ebS oft, Inc. HK D 777 S E HK 313.2 4.60 5.0% 13.9% 7.2% -17.0% 55. 9% -35. 7%
Neteas e.com Inc. US D NT E S Nas daqG S 4,961.9 38.31 2.3% 16.8% -3.6% -7. 5% 82. 0% -21. 0%
NeuLion Incorporated C AD T S X: NLN TS X 55.9 0.50 -12.3% -25.4% -31.5% -55.4% 31. 6% -61. 5%
NeXplore C orporation US D NXP C OT C P K 33.5 0.60 -7.7% -14.3% -18.9% 9.1% -36.8% -36. 8%
Ngi G roup Inc. JPY 2497 TS E 60.0 43300.00 2.9% 57.2% 81. 2% 42.0% 143.3% -8.6%
Northgate T echnologies Limited INR 590057 BSE 14.8 19.60 -3.2% -17.8% -36.3% -49.2% -40.8% -67. 3%
OAO R B C Information S ys tems R UB R BCI MIC E X 166.4 35.98 -0.6% 2667.7% 2148.8% 3326. 7% 14292.0% -6.1%
Oriented Media G roup B erhad MY R OME DIA K LS E 8.5 0.22 0.0% 59.3% 79. 2% 168.8% 13. 2% -6.5%
Open T ext C orp. US D OT E X Nas daqG S 2,727.2 48.30 0.3% 22.5% 26. 1% 41.4% 61. 0% -1.0%
Openwave S ys tems Inc. US D OP W V Nas daqG S 224.5 2.68 3.5% 20.2% 13. 6% -2. 5% 255.0% -14. 4%
T he P arent C ompany US D K IDS .Q OT C P K 0.1 0.00 -70.0% -84.2% -57.1% -78.6% -70.0% -91. 4%
P erfect W orld C o., L td. US D PWRD Nas daqG S 1,785.8 35.89 -6.6% -3. 8% -20.4% -4. 8% 230.5% -28. 9%
P NI Digital Media Inc. C AD T S XV : P N T S XV 56.5 1.75 0.0% 2. 3% 5.4% 0.0% 9.4% -16. 7%
Quepas a C orp. US D QP S A OT C B B 50.8 3.99 28. 7% 35.3% 149.4% 185.0% 329.0% 7.8%
R ea l V alue E s tates , Inc. US D R V LU OT C B B 7.7 1.20 -20.0% -20.0% NM NM NM -20. 0%
S aha ra Media Holdings , Inc. US D S HHD OT C B B 9.3 0.30 -25.0% 20.0% -46.4% -90.0% -90.0% -90. 8%
S handa Interactive E ntertainment Ltd. US D S NDA Nas daqG S 2,724.5 40.51 -13.6% -12.3% -23.7% -18.8% 29. 6% -37. 7%
S hutterfly, Inc. US D S F LY Nas daqG S 524.2 20.23 3.3% 27.9% 34. 9% 46.8% 162.0% 1.2%
S K C ommunications C o., L td. KRW A066270 K OS E 536.6 14850.00 10. 4% 5. 7% 106.3% 59.0% 147.5% -19. 3%
S NAP Intera ctive, Inc. US D S TVI OT C B B 5.5 0.17 -5.6% -10.5% 155.0% 2.0% -46.3% -51. 4%
S ocia l Media V entures Inc. US D S MV I OT C P K 0.0 0.00 -21.6% -34.1% -70.1% -98.1% -99.8% -99. 8%
S ocia lwis e, Inc. US D S C LW OT C B B 24.2 0.50 11. 1% 0. 0% 0.0% -15.3% 25. 0% -51. 0%
S ohu.com Inc. US D S OHU Nas daqG S 1,933.7 51.20 2.7% 1. 7% -9.0% -15.3% 16. 4% -29. 2%
S park Networks , Inc. US D LOV AME X 60.7 2.95 -1.7% -0. 7% 25. 5% 26.6% 20. 9% -12. 5%
S pectrumDNA, Inc. US D S P XA OT C B B 4.6 0.10 -32.1% -36.7% -32.1% -56.8% -52.5% -78. 9%
S prylogics International C orp C AD T S XV : S P Y T S XV 0.7 0.03 100.0% 200.0% 200.0% 100.0% 50. 0% -50. 0%
T encent Holdings Ltd. HK D 700 S E HK 36,425.1 155.00 3.7% 6. 7% 5.7% 35.1% 233.3% -12. 2%
T he9 Limited US D NC T Y Nas daqG S 176.0 7.01 4.5% 2. 9% -9.8% -4. 6% -26.1% -57. 5%
T heS treet.com, Inc. US D TS CM Nas daqG M 109.4 3.47 15. 3% 9. 5% 50. 2% 43.4% 88. 6% -1.7%
T ree.C om, Inc. US D TR E E Nas daqG M 93.6 8.58 2.0% 17.4% 34. 9% 26.4% 116.1% -34. 4%
Unila va C orporation US D UNLA OT C B B 33.5 0.34 15. 5% 139.3% -39.1% NM NM -39. 1%
Unis erve C ommunications C orp. C AD T S XV : US S T S XV 2.8 0.12 20. 0% 33.3% 200.0% 166.7% 140.0% -14. 3%
United Online, Inc. US D UNT D Nas daqG S 542.9 6.39 0.0% 1. 1% -8.2% -7. 7% 57. 4% -32. 5%
UOMO Media, Inc US D UOMO OT C B B 2.8 0.03 -8.6% -20.0% -46.7% -77.1% -54.3% -97. 0%
V alueC lick, Inc. US D V C LK Nas daqG S 813.6 9.74 4.8% 5. 3% 1.2% -3. 8% 66. 8% -30. 1%
V elti P lc GBP VEL AIM 185.0 3.29 64. 5% 64.5% 68. 7% 98.8% 181.2% -1.5%
V OIS , Inc. US D V OIS OT C B B 9.0 0.01 0.0% -10.0% -33.3% 50.0% 38. 5% -60. 9%
W ebzen Inc. KRW K OS E :A069080 K OS E 130.8 12800.00 1.6% -4. 1% 28. 0% 2.8% 122.6% -38. 2%
W e-R -Y ou C orp. US D WERU OT C P K 0.3 0.01 -67.5% 225.0% -35.0% -83.3% -87.0% -96. 6%
W izzard S oftware C orporation US D W ZE AME X 17.6 0.33 -2.9% -2. 9% -21.4% -23.3% -25.0% -56. 8%
W orlds .com Inc. US D W DDD OT C B B 5.4 0.10 11. 1% 11.1% 0.0% -16.7% -28.6% -54. 5%
W ynds torm C orporation US D W Y ND OT C P K 0.9 0.05 0.0% -50.0% 25. 0% -50.0% -58.3% -90. 2%
XING AG E UR O1B C XT R A 193.4 27.59 -1.0% -3. 1% -16.3% -8. 1% 13. 1% -27. 4%
Y D Online C orp. KRW A052770 K OS E 85.3 6590.00 7.2% 8. 0% 9.8% -24.8% -2.8% -46. 9%
Y nk K orea Inc. KRW A023770 K OS E 19.2 2795.00 -3.0% -8. 1% -24.3% -30.6% -18.5% -67. 9%
High 331.0% 2667.7% 2148.8% 3326. 7% 14292.0% 7.8%
Low -70.0% -84.2% -97.4% -98.1% -99.8% -99. 8%
Average 830.4 7.4% 37.2% 37.0% 49.5% 273.2% -40.2%
Median 0.1% 0. 8% 0.0% -0. 9% 50. 0% -34. 7%
United S tates 29 C hina 56, 945. 8 C hina 5,694. 6 C hina 4,496. 8 C hina 2, 262. 8 C hina 49. 0%
C hina 10 U nited S ta tes 5, 465. 2 S weden 3,266. 2 United S tates 3,752. 1 United S tates 393. 7 A us tralia 42. 8%
C a na da 9 J a pan 4, 440. 9 J apan 740. 1 S weden 1,942. 0 S weden 274. 4 T aiwan 37. 3%
S outh K orea 9 S weden 3, 266. 2 T aiwan 515. 6 C a na da 992. 4 J a pa n 213. 0 J apan 24. 3%
J a pa n 6 C anada 2, 538. 6 C anada 282. 1 S outh K orea 740. 1 C a na da 199. 5 S outh K orea 20. 1%
T a iwa n 3 S outh K orea 1, 845. 8 Hong K ong 237. 5 J a pa n 680. 8 S outh K orea 133. 5 S weden 14. 1%
G erma ny 3 T a iwa n 1, 546. 9 S witzerla nd 205. 8 T a iwa n 404. 6 T a iwa n 65. 0 Italy 13. 1%
Aus tralia 2 G ermany 318. 0 S outh K orea 205. 1 Hong K ong 334. 2 Ita ly 31. 0 R us s ia 13. 1%
S witzerla nd 1 Hong K ong 237. 5 R us s ia 193. 9 Ita ly 236. 1 R us s ia 20. 4 Hong K ong 6. 0%
India 1 S witzerla nd 205. 8 U nited S ta tes 188. 5 G erma ny 171. 4 Hong K ong 20. 0 S witzerla nd 5. 4%
F inla nd 1 R us s ia 193. 9 Ita ly 136. 8 R us s ia 156. 3 G erma ny 9. 7 G ermany -7. 4%
United K ingdom 1 Ita ly 136. 8 G ermany 106. 0 Ma lays ia 78. 5 Aus tralia 4. 9 C anada -10. 6%
Ita ly 1 F inland 51. 3 F inland 51. 3 S witzerla nd 63. 0 S witzerla nd 3. 4 U nited S ta tes -15. 4%
Hong K ong 1 Malays ia 36. 4 Malays ia 36. 4 India 47. 7 United K ingdom -2. 7 F inland NA
S weden 1 Aus tralia 29. 4 India 20. 2 Aus tralia 17. 8 F inla nd -18. 5 India NA
R us s ia 1 India 20. 2 Aus tralia 14. 7 F inla nd 4. 5 India -51. 2 U nited K ingdom NA
Ma lays ia 1 U nited K ingdom 5. 6 U nited K ingdom 5. 6 United K ingdom 0. 0 Ma lays ia -85. 2 Mala ys ia NA
G rand Total 80 G rand Total 77,284.4 G rand Total 966.1 G rand Total 14,118.5 G rand Total 3,473.8 G rand Total 11.8%
G rand Total 80 G rand Total 77,284.4 G rand Total 966.1 G rand Total 14,118.5 G rand Total 3,473.8 G rand Total 11.8%
G rand Total 13.6 3.0 122.0 184.4 412.2 108.5 25.0 868.7
E verys cape US A www. everys cape.com E veryS cape, Inc. provides a vis ua l and interactive platform for local s earch that provides a virtual experience of metropolitan, s uburban, and
rura l areas . It allows us ers to s ha re s tories and opinions of daily experiences aga ins t a backdrop ranging from s treets and cities ,
communities , res taura nts , s chools , and real es tate. T he company provides eye-level photographic content of va rious cities and towns . It lets
bus ines s es and organiz ations to build engaging relations hips with cons umers through three-dimens ional photo-realis tic experiences of cities
a nd towns , s treets , s idewalks , and building exteriors a nd interiors . T he company’s technology allows to experience an eye-level walk down a
s caped s treet, gathering a nd s haring information on bus ines s es and a ttra ctions , entering a s tore and s hopping, check ing the menu a nd
reviews of a res taurant, or the upcoming performances of a theater. E veryS cape, Inc. was formerly known as Mok3, Inc. and changed its
name in May 2007. T he company was founded in 2002 and is bas ed in W altham, Ma s s achus etts .
F lixs ter US A www. flixs ter. com F lixs ter, Inc. operates as a n online community for movie fans . It offers movies in theaters , actor profiles and fan clubs , celebrity gos s ip and
movie news , video clips , movie and actor photos , and us er quiz zes . T he company was incorpora ted in 2005 and is ba s ed in S an F rancis co,
C alifornia.
F ynanaz US A www. fynanz . com F ynanz , Inc. offers online lending marketpla ce. T he company was founded in 2007 and is ba s ed in New Y ork, New Y ork.
Figure 24a. Company Descriptions
Source. Company reports, Capital IQ, Crunchbase
Page 21
1. None applicable.
ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the
recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii)
no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or
recommendations expressed in this research report.
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.
I n f o r ma t i o n a b o u t M a cki e Re s e a r ch C a p i t a l C o r p o r a t i o n ’ s Ra t i n g S y st e m , t h e d i s t r i b u t i o n o f o u r r e s e a r c h t o c l i e n t s a n d t h e p e r ce n t a g e o f r e c o mme n d a t i o n s wh i ch a r e i n
e a c h o f o u r r a t i n g ca t e g o r i e s i s a va i l a b l e o n o u r we b s i t e a t ww w. ma c k i e r e se a r ch . co m.
T h e i n f o r ma t i o n c o n t a i n e d i n t h i s r e p o r t h a s b e e n d r a wn f r o m s o u r c e s b e l i e v e d t o b e r e l i a b l e b u t i t s a c c u r a c y o r c o mp l e t e n e s s i s n o t g u a r a n t e e d , n o r i n p r o vi d i n g i t d o e s
M a c k i e R e se a r c h C a p i t a l C o r p o r a t i o n a s s u me a n y r e sp o n si b i l i t y o r l i a b i li t y. M a c ki e R e s e a r ch C a p i t a l C o r p o r a t i o n , i t s d i r e c t o r s , o f f i c e r s a n d o t h e r e mp l o y e e s ma y , f r o m
t i me t o t i me , h a v e p o si t i o n s i n t h e s e c u r i t i e s me n t i o n e d h e r e i n . C o n t e n t s o f t h i s r e p o r t c a n n o t b e r e p r o d u c e d i n wh o l e o r i n p a r t wi t h o u t t h e e xp r e s se d p e r mi s si o n o f
M a c k i e R e se a r c h C a p i t a l Co r p o r a t i o n . ( U . S. I n st i t u t i o n a l Cl i e n t s — R e se a r ch C a p i t a l U. S . A . I n c. ( a wh o l l y o wn e d s u b si d i a r y o f M a c ki e R e s e a r c h C a p i t a l C o r p o r a t i o n )
a c c e p t s r e s p o n si b i l i t y f o r t h e c o n t e n t s o f t h i s r e p o r t s u b je c t t o t h e t e r ms & l i mi t a t i o n s s e t o u t a b o v e . F i r ms o r i n s t i t u t i o n s r e c e i vi n g t h i s r e p o r t s h o u l d e f f e c t t r a n s a ct i o n s
i n s e cu r i t i e s d i s cu s s e d i n t h e r e p o r t t h r o u g h R e se a r c h C a p i t a l U. S . A . I n c. , a Br o ke r - D e a l e r R e g i s t e r e d wi t h t h e U n i t e d S t a t e s S e c u r i t i e s a n d E xc h a n g e C o m mi s si o n ) .
Toronto 416.860.7600 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.218.6375 Regina 306.566.7550 St. Albert 780-460-6460
www.mackieresearch.com