"By the end of 2012, our MMORPG social game portfolio included 'Hero Alliance,' which we successfully launched in July 2012, 'Purple Wings,' 'Dian Feng,' 'Xiao'ao Jianghu,' 'Xun Qin' and 'Creation Song.' We have also developed new social card games, some of which have already been launched and have garnered positive feedback. We are constantly improving our diverse portfolio of games with creative and compelling new content. Our self-developed game portfolio now spans multiple genres, including action-packed MMORPGs, 3D social games and light social games such as social card games. During November 2012, our self-developed light social game 'Home Aquarium' was ranked in the top six on Apple's China Region iTunes paid games list and second on Apple's China Region iPad paid game list. As of the end of 2012, our own game portfolio has expanded to include 490 single-player games and seven social games."Since November 2012, we have expanded our game research and development capabilities by acquiring six teams of game developers, including 40 developers. We provide these teams with a certain degree of autonomy so that they can develop unique games, which will help to diversify our game selection. "We also continue to expand the publishing channels for our Android-based games. In the fourth quarter of 2012, we released a Game Center, a proprietary application store, for Android-based smartphones, which currently makes available almost 1,000 games to our users, including games from third-party developers. We plan to cooperate with other open platforms and to explore further pre-installation opportunities with the handset and mobile chipset manufacturers. "We anticipate that as our platform continues to grow, user traffic will facilitate the promotion of our own proprietary games and reduce future promotional costs. Our distribution network currently reaches over 150 million users, with 30 million active users per month. Supported by this large user base, we believe that 2013 holds great potential as we leverage our investments during this transitional period to deliver value to our shareholders over the long term. We would like to thank all of our employees for keeping their focus and dedication throughout 2012, despite the many challenges we faced. We are confident that with everyone's continued dedication, motivation and innovation, 2013 will be a very bright and successful year at CMGE."