Before we continue, please note that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to those outlined in our public filings with the SEC, including our annual report on Form 20-F. For more information about these risks and uncertainties, please refer to our filings with the SEC.Perfect World does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. Our earnings release and this call include discussions of certain non-GAAP financial measures. Our earnings release contains in a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures and is available on our website at www.pwrd.com under the Investor Relations section. I would now like to turn the call over to Michael. Michael Yufeng Chi Okay. Thank you, Joanne. Thank you all for joining our call today. Our performance in the fourth quarter of 2011 was solid with quarter-over-quarter revenues increasing by 9.5%, rising above our expectations. This was largely due to strong performance from our existing games and the continued strength of our overseas business. A key growth driver for us is our ability to successfully maintain user interest and the engagement in our existing games. In the fourth quarter, we continued to release a steady stream of expansion packs and content updates as well as extend our diversified portfolio of games. We have been excited about our deep and well-rounded pipeline, which includes a number of attractive titles of different types, ranging from MMORPGs to web games and (inaudible) games. We recently unveiled a new upcoming title, a cartoon-style martial arts MMORPG for the Fantasy Condor Heroes. This game is adapted from the highly acclaimed Chinese novel, Return of the Condor Heroes, by Louis Cha. In addition to our highly anticipated Swordsman Online and Saint Seiya Online, we believe Fantasy Condor Heroes will also catch the attention of many players.
Our effective globalization strategy continues to serve as another key driver behind our growth. Our specialized production studios in China and worldwide support our well-established R&D capabilities, which in term bolster our industry-leading position. Our U.S. subsidiaries are developing several new world-class titles, including Neverwinter by Cryptic Studios. We are also actively expanding our deep global outreaching network.During the fourth quarter, we partnered with Nexon to jointly establish a new company in Korea. The new company will manage and operate online games in Korea, and we expect this to further enhance our global operational capabilities and allow us to provide enhanced services to our users in the Korean market. In order to further strengthen our position in the global gaming market, we will continue to leverage our overseas resources and the growing worldwide appeal of our brand. In spite of our continuous efforts to provide high quality games and service to players, we will further enhance our execution capabilities. As such, I’m pleased to announce that the Company has appointed a Senior Vice President, Mr. Robert Xiao, as our Chief Operating Officer. In this new role, Robert will oversee our business operations and business support functions. Robert joined The Perfect World as a Senior Vice President in charge of our human resources and administration in 2008. We are grateful for his significant contribution to our global business operations and the strategic development over the past few years. Read the rest of this transcript for free on seekingalpha.com